Common use of CANCELLATION FOR DEFAULT Clause in Contracts

CANCELLATION FOR DEFAULT. In the event SUPPLIER shall be adjudged bankrupt, make a general assignment for the benefit of its creditors or if a receiver shall be appointed on account of SUPPLIER’S insolvency, or in the event SUPPLIER is in default of any provisions or requirements under the CONTRACT, SARENS may, by written notice to SUPPLIER, without prejudice to any other rights or remedies which SARENS may have under the CONTRACT, cancel further performance by SUPPLIER under the PURCHASE ORDER. In the event of such cancellation, SARENS may complete the performance of the PURCHASE ORDER by such means as SARENS selects, and SUPPLIER shall be responsible for any additional costs incurred by SARENS in so doing. SUPPLIER shall deliver or assign to SARENS any work in progress as SARENS may request and shall grant SARENS the right to use, or have used, all SUPPLIER documentation required for the completion of the SCOPE OF SUPPLY. Any amounts due to SUPPLIER for goods and services completed by SUPPLIER in full compliance with the terms of the CONTRACT prior to such termination shall be subject to set off of SARENS’ additional costs of completing the PURCHASE ORDER and other damages incurred by SARENS as a result of SUPPLIER’S default.

CANCELLATION FOR DEFAULT. In the event SUPPLIER shall be adjudged bankrupt, make a general assignment for the benefit of its creditors or if a receiver shall be appointed on account of SUPPLIER’S insolvency, or in the event SUPPLIER is in default of any provisions or requirements under the CONTRACT, SARENS may, by written notice to SUPPLIER, without prejudice to any other rights or remedies which SARENS XXXXXX may have under the CONTRACT, cancel further performance by SUPPLIER under the PURCHASE ORDER. In the event of such cancellation, SARENS may complete the performance of the PURCHASE ORDER by such means as SARENS selects, and SUPPLIER shall be responsible for any additional costs incurred by SARENS in so doing. SUPPLIER shall deliver or assign to SARENS any work in progress as SARENS may request and shall grant SARENS the right to use, or have used, all SUPPLIER documentation required for the completion of the SCOPE OF SUPPLY. Any amounts due to SUPPLIER for goods and services completed by SUPPLIER in full compliance with the terms of the CONTRACT prior to such termination shall be subject to set off of SARENS’ additional costs of completing the PURCHASE ORDER and other damages incurred by SARENS XXXXXX as a result of SUPPLIER’S default.