Common use of Acknowledgment of the Parties Clause in Contracts

Acknowledgment of the Parties. The Parties stipulate that the payment obligations set forth in this Article 4 are reasonable in light of the anticipated harm and the difficulty of estimation or calculation of actual damages and waive the right to contest such payments as an unreasonable penalty. If either Party fails to pay amounts in accordance with this Article 4 when due, the other Party shall have the right to: (a) suspend performance until such amounts plus interest at the Interest Rate have been paid, and/or (b) exercise any remedy available at law or in equity to enforce payment of such amount plus interest at the Interest Rate. With respect to the amount of such damages only, the remedy set forth in this Article 4 shall be the sole and exclusive remedy of the Parties for the failure of Seller to sell and deliver, and Buyer to purchase and receive, the Contract Quantity and all other damages and remedies are hereby waived. Disagreements with respect to the calculation of damages pursuant to this Article 4 shall be submitted to arbitration in accordance with the arbitration procedures set forth in Section16.9.

Acknowledgment of the Parties. The Parties stipulate that the payment obligations set forth in this Article 4 are reasonable in light of the anticipated harm and the difficulty of estimation or calculation of actual damages and waive the right to contest such payments as an unreasonable penalty. If either Party fails to pay amounts in accordance with this Article 4 when due, the other Party shall have the right to: (a) suspend performance until such amounts plus interest at the Interest Rate have been paid, and/or (b) exercise any remedy available at law or in equity to enforce payment of such amount plus interest at the Interest Rate. With respect to the amount of such damages only, the remedy set forth in this Article 4 shall be the sole and exclusive remedy of the Parties for the failure of Seller to sell and deliver, and Buyer to purchase and receive, the Contract Quantity and all other damages and remedies are hereby waived. Disagreements with respect to the calculation of damages pursuant to this Article 4 shall be submitted to arbitration in accordance with the arbitration procedures set forth in Section16.9Section 16.9.

Acknowledgment of the Parties. The Parties stipulate that the payment obligations set forth in this Article 4 are reasonable in light of the anticipated harm and the difficulty of estimation or calculation of actual damages and waive the right to contest such payments as an unreasonable penalty. If either Party fails to pay amounts in accordance with this Article 4 when due, the other Party shall have the right to: (a) suspend performance until such amounts plus interest at the Interest Rate have been paid, and/or (b) exercise any remedy available at law or in equity to enforce payment of such amount plus interest at the Interest Rate. With respect to the amount of such damages only, the remedy set forth in this Article 4 shall be the sole and exclusive remedy of the Parties for the failure of Seller to sell and deliver, and Buyer to purchase and receive, the Contract Quantity and all other damages and remedies are hereby waived. Disagreements with respect to the calculation of damages pursuant to this Article 4 shall be submitted to arbitration in accordance with the arbitration procedures set forth in Section16.9.to