Common use of Vendor’s Default Clause in Contracts

Vendor’s Default. In the event that Vendor fails to perform any provision of this Purchase Order or of any other contract with TDSB, or is in breach of any express or implied term hereof, or becomes insolvent, or makes an assignment for the benefit of its creditors, or is adjudicated bankrupt or suffers a receiver to be appointed to its business, or makes a material liquidation of its assets, or ceases to do business or to exist, TDSB reserves the right to terminate unconditionally this Purchase Order or any part hereof or any other contracts with Vendor, to reject the Goods/Services or to dispose of it for the account of Vendor at a time and price which TDSB deems reasonable, and Vendor is bound to reimburse TDSB for any loss or damage sustained therefrom, including without limitation loss of profits obtainable from resale by TDSB of the Goods/Services and damages caused to any customer purchasing the Goods/Services from TDSB.