Vendor Default definition
Examples of Vendor Default in a sentence
Unless termination is caused by a Vendor Default as defined in Section 9.1, Vendor shall be entitled to compensation for Services performed prior to the termination date based on the reasonable value of such Services; in no event shall such amount exceed the amount set forth in the Statement of Work.
The Purchaser will in such event also be entitled to demand from the Vendor Default Interest on the moneys paid by it under this Agreement calculated on a daily basis from the date they were first paid out by the Purchaser until the date they are repaid by the Vendor.
In the event that this Agreement is pursuant to any of the provisions hereto, where there is no Purchaser Default and no Vendor Default, each Party shall be released from all obligations hereunder.
The Vendor Default Notice shall specify the Vendor Breach and require the Vendor immediately to stop the Vendor Breach and, to the extent that it is possible, to make good the results of the Vendor Breach within thirty (30) days.
Unless termination is caused by a Vendor Default as defined in Section 16, Vendor shall be entitled to compensation for Services actually performed prior to the termination date, however, in no event shall such amount exceed the amount set forth in the Statement of Work.
If any one or more of the foregoing conditions precedent has or have not been satisfied, complied with, or waived by Vendor by the Closing Time, Vendor may in addition to any other remedies which it may have available to it, rescind this Agreement by written notice to Purchaser, provided that Vendor shall not be permitted to exercise or purport to exercise any right of termination pursuant to this section 3.3 if the event or circumstances giving rise to such right is due to a Vendor Default.
If the Vendor (or any member of its Group) commits a material breach of this Agreement (a Vendor Breach), the Purchaser may serve notice upon the Vendor (a Vendor Default Notice).
Notwithstanding the foregoing, Manufacturer's obligation to supply Product to Principal hereunder is subject to exception for an Excused Vendor Default and, in respect of the Active Ingredient, also subject to the payment by Principal for the Active Ingredient in the quantities requested by Manufacturer from time to time and the ordering by Principal of the quantities requested for delivery at the times requested by Manufacturer from time to time.
In the event that a Lessee under any Lease to which Products are subject, prior to expiration of any committed term under the Lease, ceases to make lease payments as a result of a "Vendor Default" (as defined below), then Vendor shall, at LSI's election, repurchase from LSI the Products subject to such Lease at the Repurchase Price thereof plus any other out-of-pocket expenses incurred by LSI directly as a result of such Vendor Default.
Vendor agrees to pay the City upon written demand, all reasonable advances, costs and expenses of City made in connection with such action to cure a Vendor Default, including reasonable attorney fees and interest in the maximum amount permitted by law from the date such costs were expended by the City.