Termination on Payment Default Clause Samples
The 'Termination on Payment Default' clause allows one party to end the contract if the other party fails to make required payments. Typically, this clause specifies a grace period after a missed payment, during which the defaulting party can cure the breach by paying the overdue amount. If payment is not made within this period, the non-defaulting party may terminate the agreement. This clause serves to protect parties from ongoing non-payment, providing a clear remedy and encouraging timely fulfillment of financial obligations.
POPULAR SAMPLE Copied 9 times
Termination on Payment Default. At FHCRC's option, FHCRC may terminate this Agreement effective thirty (30) days after giving written notice in the event LICENSEE fails to pay any Annual Payment or other amounts owed under this Agreement when due, unless the payment default is cured or shown to be non-existent within such thirty (30) day period, in which case the Agreement will remain in effect.