Common use of Cure Default Clause in Contracts

Cure Default. a. Buyer may, by written notice to Seller, cancel all or part of this Contract: (i) if Seller fails to deliver the Goods within the time specified by this Contract or any written extension; (ii) if Seller fails to perform any other provision of this Contract or fails to make progress, so as to endanger performance of this Contract, and, in either of these two circumstances, within ten (10) days after receipt of notice from Buyer specifying the failure, does not cure the failure or provide Buyer with a written detailed plan adequate to cure the failure if such failure reasonably cannot be cured within such ten (10) days and such plan is acceptable to Buyer’s Authorized Procurement Representative; or (iii) in the event of Seller's bankruptcy, suspension of business, insolvency, appointment of a receiver for Seller's property or business, or any assignment, reorganization or arrangement by Seller for the benefit of its creditors. b. Seller shall continue work not canceled. If Buyer cancels all or part of this Contract in the event of default, Seller shall be liable for Xxxxx’s incidental and consequential damages, including re-procurement costs. c. Buyer may require Seller to transfer title and deliver to Buyer, as directed by Xxxxx, any (i)completed Goods, (ii) any partially completed Goods and materials, parts, and contract rights, and (iii) tools, dies, jigs, fixtures, plans, drawings, or information that Buyer has designed, produced or Acquired (collectively “Manufacturing Materials”) for the canceled portion of this Contract. Upon direction from Buyer, Seller shall also protect and preserve property in its possession in which Buyer or its customer has an interest. d. Buyer shall pay the Contract price for Goods accepted. In addition, any payment for Manufacturing Materials accepted by Buyer and for the protection and preservation of property shall be at a price determined in accordance with the "Termination for Convenience" article of this Contract, except that Seller shall not be entitled to profit. Buyer may withhold from any amount due under this Contract any sum Buyer determines to be necessary to protect Buyer or Xxxxx's Customer against loss because of outstanding liens or claims of former lien holders. e. If, after cancellation, it is determined that Seller was not in default, the rights and remedies of the Parties shall be as if the Contract had been terminated according to the "Termination for Convenience" article of this Contract.

Cure Default. a. Buyer may, by written notice to Seller, cancel all or part of this Contract: (i) if Seller fails to deliver the Goods within the time specified by this Contract or any written extension; (ii) if Seller fails to perform any other provision of this Contract or fails to make progress, so as to endanger performance of this Contract, and, in either of these two circumstances, within ten (10) days after receipt of notice from Buyer specifying the failure, does not cure the failure or provide Buyer with a written detailed plan adequate to cure the failure if such failure reasonably cannot be cured within such ten (10) days and such plan is acceptable to Buyer’s Authorized Procurement Representative; or (iii) in the event of Seller's bankruptcy, suspension of business, insolvency, appointment of a receiver for Seller's property or business, or any assignment, reorganization or arrangement by Seller for the benefit of its creditors. b. Seller shall continue work not canceled. If Buyer cancels all or part of this Contract in the event of default, Seller shall be liable for Xxxxx’s incidental and consequential damages, including re-procurement costs. c. Buyer may require Seller to transfer title and deliver to Buyer, as directed by Xxxxx, any (i)completed Goods, (ii) any partially completed Goods and materials, parts, and contract rights, and (iii) tools, dies, jigs, fixtures, plans, drawings, or information that Buyer Xxxxx has designed, produced or Acquired (collectively “Manufacturing Materials”) for the canceled portion of this Contract. Upon direction from Buyer, Seller shall also protect and preserve property in its possession in which Buyer or its customer has an interest. d. Buyer shall pay the Contract price for Goods accepted. In addition, any payment for Manufacturing Materials accepted by Buyer and for the protection and preservation of property shall be at a price determined in accordance with the "Termination for Convenience" article of this Contract, except that Seller shall not be entitled to profit. Buyer may withhold from any amount due under this Contract any sum Buyer determines to be necessary to protect Buyer or Xxxxx's Customer against loss because of outstanding liens or claims of former lien holders. e. If, after cancellation, it is determined that Seller was not in default, the rights and remedies of the Parties shall be as if the Contract had been terminated according to the "Termination for Convenience" article of this Contract.

Cure Default. a. Buyer may, by written notice to Seller, cancel all or part of this Contract: (i) if Seller fails to deliver the Goods within the time specified by this Contract or any written extension; (ii) if Seller fails to perform any other provision of this Contract or fails to make progress, so as to endanger performance of this Contract, and, in either of these two circumstances, within ten (10) days after receipt of notice from Buyer specifying the failure, does not cure the failure or provide Buyer with a written detailed plan adequate to cure the failure if such failure reasonably cannot be cured within such ten (10) days and such plan is acceptable to Buyer’s Authorized Procurement Representative; or (iii) in the event of Seller's bankruptcy, suspension of business, insolvency, appointment of a receiver for Seller's property or business, or any assignment, reorganization or arrangement by Seller for the benefit of its creditors. b. Seller shall continue work not canceled. If Buyer cancels all or part of this Contract in the event of default, Seller shall be liable for Xxxxx’s incidental and consequential damages, including re-procurement costs. c. Buyer may require Seller to transfer title and deliver to Buyer, as directed by Xxxxx, any (i)completed i) completed Goods, and (ii) any partially completed Goods and materials, parts, and contract rights, and (iii) tools, dies, jigs, fixtures, plans, drawings, or information and contract rights (collectively, "Manufacturing Materials") that Buyer Seller has designed, specifically produced or Acquired (collectively “Manufacturing Materials”) acquired for the canceled portion of this Contract. Upon direction from Buyer, Seller shall also protect and preserve property in its possession in which Buyer or its customer Customer has an interest. d. Buyer shall pay the Contract price for Goods accepted. In addition, any payment for Manufacturing Materials accepted by Buyer and for the protection and preservation of property shall be at a price determined in accordance with the "Termination for Convenience" article of this Contract, except that Seller shall not be entitled to profit. Buyer may withhold from any amount due under this Contract any sum Buyer determines to be necessary to protect Buyer or Xxxxx's Customer customer against loss because of outstanding liens or claims of former lien holders. e. If, after cancellation, it is determined that Seller was not in default, the rights and remedies of the Parties shall be as if the Contract had been terminated according to the "Termination for Convenience" article of this Contract.