Liability Upon Default Sample Clauses
The 'Liability Upon Default' clause defines the responsibilities and financial obligations of a party if they fail to meet their contractual commitments. Typically, this clause outlines the types of damages or penalties that may be imposed, such as compensation for losses, interest on overdue payments, or reimbursement of legal costs. Its core function is to allocate risk and provide a clear framework for addressing breaches, ensuring that both parties understand the consequences of default and can seek appropriate remedies.
Liability Upon Default. The liability of the Payor upon default shall be unconditional and shall not be in any manner affected by any indulgence whatsoever granted or consented to by the Payee including, but not limited to, any extension of time, renewal, waiver or other modification.
Liability Upon Default. Except as otherwise set forth in the Purchase Agreement, upon termination, the non-defaulting party shall not have any further liability to the defaulting party, except any obligations or liabilities, if any, which accrued before the termination date.
Liability Upon Default. (a) In the event of a default by McGuggan or ▇▇. ▇▇▇▇▇ in the performance of any of its or his obligations hereunder, the Company's remedy shall be limited to the recovery of the fees actually paid to McGuggan and ▇▇. ▇▇▇▇▇ pursuant to Section 3.
(b) In the event of a default by the Company in the payment to McGuggan and ▇▇. ▇▇▇▇▇ of its fees and expenses pursuant to Sections 3 and 4, the sole and exclusive recourse and remedy of McGuggan and ▇▇. ▇▇▇▇▇ shall be against the Company and its assets and under no circumstances shall any officer, director, employee, representative, shareholder, agent or other affiliate of the Company be liable in law or at equity for any obligation of the Company hereunder, and McGuggan's and ▇▇. ▇▇▇▇▇'▇ remedy shall be limited to collection of the fees and expenses payable to McGuggan and ▇▇. ▇▇▇▇▇ pursuant to Sections 3 and 4.
Liability Upon Default. (a) In the event of a default by Dreamlife in the performance of any of its obligations hereunder, the Company's remedy shall be limited to the recovery of the fees actually paid to Dreamlife, pursuant to Section 3.
(b) In the event of a default by the Company in the payment to Dreamlife of its fees and expenses pursuant to Section 3 and 4, the sole and exclusive recourse and remedy of Dreamlife shall be against the Company and its assets and under no circumstances shall any officer, director, employee, representative, shareholder, agent or other affiliate of the Company be liable in law or at equity for any obligation of the Company hereunder, and Dreamlife's remedy shall be limited to collection of the fees and expenses payable to Dreamlife pursuant to Sections 3 and 4.
Liability Upon Default. If a party shall default in the performance of its obligations under this Agreement in any material respect or if, as a result of the party's breach of its obligations pursuant to this Agreement, the conditions precedent to the other party's obligation to close specified in Article VIII are not satisfied, and the other party shall not then be in default in the performance of its obligations hereunder in any material respect the non-defaulting party, in addition to its right to terminate under Section 9.1, shall be entitled, as its sole remedy, (a) to recover all costs and expenses incurred by it in connection with the transactions contemplated by this Agreement, including but not limited to, attorneys and other professional fees (notwithstanding the provisions of Section 9.6 hereof) and (b) to receive the sum of $250,000, as liquidated damages, in which event the parties shall be discharged from all further liability under this Agreement upon payment of such liquidated damages to the non-defaulting party. The parties agree in advance that actual damages would be difficult to ascertain and that the amount of such liquidated damages is a fair and equitable amount to reimburse the non-defaulting party for damages sustained due to a default under this Agreement.