Common use of SRTA Default Clause in Contracts

SRTA Default. Subject to SRTA’s exercise of its withholding rights and other remedies and rights under the Contract, if SRTA fails to pay TSI Contractor undisputed invoices when due under the Contract and fails to make such payments within ninety (90) Days of receipt of written notice from TSI Contractor of the failure to make such payments, TSI Contractor may, by giving written notice to SRTA, terminate this Contract as of a date specified in the notice of termination. TSI Contractor shall not have the right to terminate the Contract for SRTA’s breach of the Contract except as specifically provided in this Section 32.4. In the event of termination of this Contract by TSI Contractor for a SRTA default as provided in this Section 32.4, SRTA shall be liable only for payments required by the terms of this Contract for Work which has received Acceptance from SRTA prior to the effective date of termination, subject to SRTA’s exercise of its rights and remedies under the Contract.

SRTA Default. Subject to SRTA’s exercise of its withholding rights and other remedies and rights under the Contract, if SRTA fails to pay TSI Contractor undisputed invoices when due under the Contract and fails to make such payments within ninety (90) Days of receipt of written notice from TSI Contractor of the failure to make such payments, TSI Contractor may, by giving written notice to SRTA, terminate this Contract as of a date specified in the notice of termination. TSI Contractor shall not have the right to terminate the Contract for SRTA’s breach of the Contract except as specifically provided in this Section 32.4. In the event of termination of this Contract by TSI Contractor for a SRTA default as provided in this Section 32.4, SRTA shall be liable only for payments required by the terms of this Contract for Work which has received Acceptance from been performed satisfactorily according to the Contract Documents, any restocking fees actually and reasonably incurred by TSI Contractor for any Work ordered but not used on the Project, and reasonable and actual wind down costs. SRTA prior to the effective date of termination, subject to SRTA’s exercise of its rights and remedies under the Contract.