Common use of Consequence of Default Clause in Contracts

Consequence of Default. (1) If the principal defaults on conditions (a) through (e) in this agreement, the obli- gors (principal and surety, jointly and severally) agree to pay liquidated dam- ages equal to the value of the xxxxxxx- xxxx involved in the default or three times the value of the merchandise in- volved in the default if the xxxxxxx- xxxx is restricted or prohibited mer- chandise or alcoholic beverages, or such other amount as may be author- ized by law or regulation. (2) It is understood and agreed that the amount to be collected under con- ditions (a) through (e) of this agree- ment will be based upon the quantity and value of the merchandise as deter- mined by CBP. Value as used in these provisions means value as determined under 19 U.S.C. 1401a. (3) If the principal defaults on condi- tions (a) through (e) in this agreement and the default does not involve mer- chandise, the obligors agree to pay liq- uidated damages of $1,000 for each de- fault or such other amount as may be authorized by law or regulation. It is understood and agreed that whether the default involves merchandise is de- termined by CBP. [T.D. 84–213, 49 FR 41171, Oct. 19, 1984] EDITORIAL NOTE: For FEDERAL REGISTER ci- tations affecting § 113.63, see the List of CFR Sections Affected, which appears in the Finding Aids section of the printed volume and at xxx.xxxxxxx.xxx.

Consequence of Default. (1) If the principal defaults on agreements in this condition other than conditions in paragraphs (a), (g), (i), (j), (k)(2), or (l) through (e) in of this agreement, section the obli- gors (principal and surety, jointly and severally) obligors agree to pay liquidated dam- ages damages equal to the value of the xxxxxxx- xxxx merchandise involved in the default default, or three times the value of the merchandise in- volved involved in the default de- fault if the xxxxxxx- xxxx merchandise is restricted or prohibited mer- chandise merchandise or alcoholic beverages, or such other amount as may be author- ized authorized by law or regulationregula- tion. (2) It is understood and agreed that whether the default involves xxxxxxx- xxxx is determined by CBP and that the amount to be collected under con- ditions (a) through (e) of this agree- ment these conditions will be based upon the quantity quan- tity and value of the merchandise as deter- mined determined by CBP. Value as used in these provisions means value as determined deter- mined under 19 U.S.C. 1401a. (3) If the principal defaults on condi- tions agree- ments in this condition other than con- ditions (a) through or (eg) in this agreement and the default does not involve mer- chandisemerchandise, the obligors agree to pay liq- uidated liquidated damages of $1,000 for each de- fault default or such other amount as may be authorized by law or regulation. It is understood and agreed that whether . (4) If the default involves merchandise is de- termined by CBP. [T.D. 84–213, 49 FR 41171, Oct. 19, 1984] EDITORIAL NOTE: For FEDERAL REGISTER ci- tations affecting § 113.63, see the List of CFR Sections Affected, which appears principal defaults on agree- ments in the Finding Aids condition set forth in paragraph (a)(1)(i) of this section only, the obligors (principal and surety, jointly and severally) agree to pay liq- uidated damages equal to two times the unpaid duties, taxes and charges estimated to be due or $1,000, which- (a) of the printed volume and at xxx.xxxxxxx.xxx.this chapter is returned unpaid by a financial insti- tution, or if a payment authorized under Automated Clearinghouse (see

Consequence of Default. (1) If the principal defaults on conditions (a) through (e) in this agreement, the obli- gors (principal and surety, jointly and severally) agree to pay liquidated dam- ages equal to the value of the xxxxxxx- xxxx involved in the default or three times the value of the merchandise in- volved in the default if the xxxxxxx- xxxx is restricted or prohibited mer- chandise or alcoholic beverages, or such other amount as may be author- ized by law or regulation. (2) It is understood and agreed that the amount to be collected under con- ditions (a) through (e) of this agree- ment will be based upon the quantity and value of the merchandise as deter- mined by CBP. Value as used in these provisions means value as determined under 19 U.S.C. 1401a. (3) If the principal defaults on condi- tions (a) through (e) in this agreement and the default does not involve mer- chandise, the obligors agree to pay liq- uidated damages of $1,000 for each de- fault or such other amount as may be authorized by law or regulation. It is understood and agreed that whether the default involves merchandise is de- termined by CBP. [T.D. 84–213, 49 FR 41171XX 00000, Oct. Xxx. 19, 1984] EDITORIAL NOTE: For FEDERAL REGISTER ci- tations affecting § 113.63, see the List of CFR Sections Affected, which appears in the Finding Aids section of the printed volume and at xxx.xxxxxxx.xxxxxx.xxxxx.xxx.

Consequence of Default. (1) If the principal defaults on conditions (a) through (e) in this agreement, the obli- gors (principal and surety, jointly and severally) agree to pay liquidated dam- ages equal to the value of the xxxxxxx- xxxx involved in the default or three times the value of the merchandise in- volved in the default if the xxxxxxx- xxxx is restricted or prohibited mer- chandise or alcoholic beverages, or such other amount as may be author- ized by law or regulation. (2) It is understood and agreed that the amount to be collected under con- ditions (a) through (e) of this agree- ment will be based upon the quantity and value of the merchandise as deter- mined by CBP. Value as used in these provisions means value as determined under 19 U.S.C. 1401a. (3) If the principal defaults on condi- tions (a) through (e) in this agreement and the default does not involve mer- chandise, the obligors agree to pay liq- uidated damages of $1,000 for each de- fault or such other amount as may be authorized by law or regulation. It is understood and agreed that whether the default involves merchandise is de- termined by CBP. [T.D. 84–213, 49 FR 41171XX 00000, Oct. Xxx. 19, 1984] EDITORIAL NOTE: For FEDERAL REGISTER ci- tations affecting § 113.63, see the List of CFR Sections Affected, which appears in the Finding Aids section of the printed volume and at xxx.xxxxxxx.xxx.xxxxxxx.xxx.