Examples of Default Damages in a sentence
If the Defaulting Party disputes the Non-Defaulting Party’s calculation of the Default Damages or Termination Payment, in whole or in part, the Defaulting Party must, within three (3) Business Days of receipt of the Non-Defaulting Party’s calculation of the Default Damages or Termination Payment, provide to the Non-Defaulting Party a detailed written explanation of the basis for such dispute.
Any dispute under this Section 5.3(e) shall be subject to the dispute resolution procedures in Article 10; provided, however, that if the Default Damages or Termination Payment is due from the Defaulting Party, the Defaulting Party must first provide commercially reasonable financial assurances to the Non-Defaulting Party in an amount equal to the Default Damages or Termination Payment, as the case may be.
Neither Party will be liable for Default Damages if this Agreement is terminated by a Governmental Authority.
If the Termination Payment has been retained by the Companies as security for additional amounts that may be determined to be due and owing by the XXXX Supplier, and if, upon making a final determination of Default Damages and payment therefor, the Termination Payment, or any portion thereof, is to be made to the XXXX Supplier, the Companies will pay simple interest on the Termination Payment amount being made to the XXXX Supplier for the period of such retention.
Subject to Section 5.3(e), the Defaulting Party shall pay Default Damages on or before three (3) Business Days after receipt of an invoice therefor.