Common use of Termination and Wind-Up Clause in Contracts

Termination and Wind-Up. (a) If (i) the Parties are unable to agree on a substitute pricing mechanism as set forth in Section 5, or (ii) payment by a Party to the other Party is not made when due in accordance with the terms hereof, or (iii) Customer fails to pay interest at the Default Rate on late amounts due in accordance with Section 9(b), then the foregoing shall constitute a default hereunder, and the non-defaulting Party shall, after (A) the expiration of 20 days following the date the non-defaulting Party sends specific written notice to the defaulting Party of the occurrence of such event, and (B) such event remains uncured, have the right to terminate this Agreement, provided that (1) Section 8(c)(iii), Section 8(d), Section 9(c), Section 11 and Sections 13 through 28 shall survive any termination hereof, and provided Customer shall be obligated to pay Supplier for any Raw Material delivered to Customer at the Delivery Point prior to such termination, and (2) such termination, absent written agreement to the contrary, may be immediate and need not be subject to any further Termination Notice or Windup Period.

Termination and Wind-Up. (a) If (i) the Parties are unable to agree on a substitute pricing mechanism as set forth in Section 5, or (ii) payment by a Party to the other Party is not made when due in accordance with the terms hereof, or (iii) Customer fails to pay interest at the Default Rate on late amounts due in accordance with Section Secton 9(b), then the foregoing shall constitute a default hereunder, and the non-defaulting Party shall, after (A) the expiration of 20 days following the date the non-defaulting Party sends specific written notice to the defaulting Party of the occurrence of such event, and (B) such event remains uncured, have the right to terminate this Agreement, provided that (1) Section 8(c)(iii), Section 8(d), Section 9(c), Section 11 and Sections 13 through 28 shall survive any termination hereof, and provided Customer shall be obligated to pay Supplier for any Raw Material delivered to Customer at the Delivery Point prior to such termination, and (2) such termination, absent written agreement to the contrary, may be immediate and need not be subject to any further Termination Notice or Windup Period.