Termination for Serious Default Clause Samples

Termination for Serious Default. (a) If a Party commits a Serious Default, the other Party may, by written notice, require the party in default to remedy the Serious Default (Remedy Notice). (b) In the event that the Party in default fails to remedy the Serious Default or submit a plan for remedying the Serious Default that is satisfactory to the other Party, in the other Party’s absolute discretion, within seven days of the date of receipt of the relevant Remedy Notice, the other Party may immediately terminate this Agreement by written notice to the Party in default.