Compensation for default. 12.1 If one Party (hereinafter “Defaulting Party”) violates any provision of this Agreement and causes damage to the other Party (hereinafter “Non-Defaulting Party”), the Non-Defaulting Party shall serve written notice to the Defaulting Party requiring the Defaulting Party to immediately rectify and correct the breach. If the Defaulting Party fails to take satisfactory measures to rectify and correct the breach within fifteen days of the written notice from the Non-Defaulting Party, the Non-Defaulting Party may immediately take action under the provisions of this Agreement or other remedies through legal means. 12.2 The Pledgor and the Domestic Company further agree that the Pledgor and the Domestic Company shall compensate the Pledgee for any and all losses, damages, obligations or costs caused by the implementation and performance of this Agreement as well as litigation or claim initiated against the Pledgee. The Pledgee is indemnified from damages. 12.3 The Parties agree that this Article shall continue to be effective regardless of any change, cancellation or termination of this Agreement.
Appears in 4 contracts
Samples: Equity Pledge Agreement, Equity Pledge Agreement (51job, Inc.), Supplementary Agreement to the Control Agreements (51job, Inc.)
