SHIPPER Event of Default has the meaning set forth in Section 9.1.
SHIPPER Event of Default. 9.1.1 Any failure to make any payment required to be made by SHIPPER hereunder, where such failure continues for fifteen (15) days after receipt of written notice from the CARRIER, subject to the right of SHIPPER, reasonably exercised, to contest any such payment. In the event SHIPPER withholds any such payment, and it is determined that such withholding was wrongful, SHIPPER shall pay interest to the CARRIER on such monies wrongfully withheld at the Reference Rate; and
Examples of SHIPPER Event of Default in a sentence
Following a Shipper Event of Default, the Transporter shall have the right to suspend the performance of its obligations under this Agreement until such default has been cured in accordance with the provisions of this Clause 13.2. Any non- performance by the Transporter of its obligations under this Agreement, during such period of suspension shall not amount to a Transporter Event of Default.
Upon the occurrence and continuation of any Shipper Event of Default, the Transporter may deliver a written notice (the “Shipper Default Notice”) to the Shipper.