Protracted Default Sample Clauses
A Protracted Default clause defines the consequences and procedures that apply when a party remains in default for an extended period beyond an initial grace or cure period. Typically, this clause outlines specific actions the non-defaulting party may take, such as accelerating obligations, terminating the agreement, or seeking additional remedies if the default is not remedied within a set timeframe. Its core practical function is to provide a clear escalation path and protect the non-defaulting party from ongoing breaches, ensuring that unresolved defaults are addressed efficiently and do not persist indefinitely.
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Protracted Default. For the purposes of this policy, the Covered Cause of Loss Protracted Default shall mean the failure of a Buyer to pay the receivable within the waiting period specified in the Policy Schedule. If the Schedule of Countries specifies a longer waiting period for the country of the Buyer, this shall be the applicable waiting period. The waiting period commences on the original due date of payment of the receivable. For this Covered Cause of Loss, the Date of Loss shall be the date on which the applicable Excluded causes of loss 01200.00 Generally excluded losses Cover shall not apply to:
Protracted Default. For the purposes of this policy, the Covered Cause of Loss Protracted Default shall mean the failure of a Buyer to pay the receivable within the 'waiting period' specified in the Policy Schedule. If the Schedule of Countries specifies a longer 'waiting period' for the country of the Buyer, this shall be the applicable 'waiting period'. The 'waiting period' commences on the original due date of payment of the receivable. For this Covered Cause of Loss, the Date of Loss shall be the date on which the applicable 'waiting period' expires. Excluded causes of loss 63170.00 Generally excluded losses Cover shall not apply to:
Protracted Default failure of the Buyer to fully pay the Debt at the expiration of the waiting period, provided that such failure is not due to Insolvency, a Political Event or a Natural Disaster.
Protracted Default. Protracted Default means failure on the part of an Approved Debtor, after having accepted delivery of the goods exported by the Client in accordance with the relevant Export Contract, to pay the relevant amount due thereon to the Client or to whomsoever who is entitled in law to receive the said amount within a period of One Hundred and twenty days (120) days after the expiry of the relevant Due Date;
Protracted Default. There is Protracted Default when the Insured Buyer having accepted delivery of goods under a valid contract of sale, has failed to pay to the Insured, whole or any part of an Insured Debt, and it remains overdue and unpaid for a considerable long time. Under this Policy, the said time is considered as four months after the due date of payment.
Protracted Default. 11.1 If the Insured Debtor fails to pay any amount in relation to the Insured Debt which may result in a Protracted Default, the Insured shall, as soon as possible thereafter, give written notice to the Insured Debtor of such default under the Insured Contract, informing the Insured Debtor of the default and the details thereof, including that payment is due (within applicable grace period).
11.2 It is specifically recorded that, if the Insured Debtor disputes its indebtedness under the Insured Contract on reasonable grounds, a Protracted Default shall be deemed not to have occurred until a judgment is granted by a court of law or an award has been made by an arbitrator or arbitration panel confirming the indebtedness of the Insured Debtor to the Insured under the Insured Contract.
11.3 Subject to the provisions of clause 11.1, should the Insured Debtor dispute its indebtedness in terms of the Insured Contract, the Insurer may at its sole discretion agree that the period of 180 (one hundred and eighty) days referred to in the definition of Protracted Default shall commence to run from an earlier stage than as set out in the definition of Protracted Default.
Protracted Default. Provided the debt falls under the scope of this contract; when your buyer has not paid the debt in whole or in part according to the sales contract, at the expiry of the maximum credit period, and no dispute has arisen in relation with the debt.