Common use of Default and Damages Clause in Contracts

Default and Damages. 11.1 It is an act of default if:- (i) any distress execution or other legal process being levied upon any of the Buyer's assets; (ii) the Buyer entering into any agreement or composition with his creditors, committing any act of bankruptcy or, being a company, entering into liquidation or have a winding up petition presented against it, calling a meeting of its creditors or suffering the appointment of a Receiver or Administrator in respect of the whole or any part of its undertaking or assets; (iii) Non-payment by the Buyer of any monies due from it to the Company. (iv) An order is cancelled by the Buyer after manufacture and/or picking of the order has commenced. 11.2 In the event of a default by the Buyer the company may determine this Contract or suspend any further deliveries and shall be entitled to recover as damages from the Buyer the following:- (i) the value including any work completed or goods manufactured at the date of determination; (ii) the value of any work begun or goods begun to be manufactured at the date of determination; (iii) the value of any work begun or goods begun to be manufactured but not completed at the date of determination including the cost of materials, labour, overheads and profit in connection therewith; (iv) a sum representing any further profit which the Company would have made on the Contract but for its determination such profit to be determined by the Company's Auditors whose decision shall be conclusive and binding on the Buyer.

Default and Damages. 11.1 It is an act of default if:-if: (i) any distress execution or other legal process being levied upon any of the Buyer's assets; (ii) the Buyer entering into any agreement or composition with his creditors, committing any act of bankruptcy or, being a company, entering into liquidation or have a winding up petition presented against it, calling a meeting of its creditors or suffering the appointment of a Receiver or Administrator in respect of the whole or any part of its undertaking or assets; (iii) Non-payment by the Buyer of any monies due from it to the Company. (iv) An order is cancelled by the Buyer after manufacture and/or picking of the order has commenced. 11.2 In the event of a default by the Buyer the company may determine this Contract or suspend any further deliveries and shall be entitled to recover as damages from the Buyer the following:-following: (i) the value including any work completed or goods manufactured at the date of determination; (ii) the value of any work begun or goods begun to be manufactured at the date of determination; (iii) the value of any work begun or goods begun to be manufactured but not completed at the date of determination including the cost of materials, labour, overheads and profit in connection therewith; (iv) a sum representing any further profit which the Company would have made on the Contract but for its determination such profit to be determined by the Company's Auditors whose decision shall be conclusive and binding on the Buyer.

Default and Damages. 11.1 It is an act of default if:- (i) any distress execution or other legal process being levied upon any of the Buyer's assets; (ii) the Buyer entering into any agreement or composition with his creditors, committing any act of bankruptcy or, being a company, entering into liquidation or have a winding up petition presented against it, calling a meeting of its creditors or suffering the appointment of a Receiver or Administrator in respect of the whole or any part of its undertaking or assets;assets;‌ (iii) Nonnon-payment by the Buyer of any monies due from it to the Company. (iv) An order is cancelled by the Buyer after manufacture and/or picking of the order has commenced. 11.2 In Subject to any stay in accordance with Parts 5.1, 5.2 or 5.3A of the Corporations Act 2001 (Cth), in the event of a default by the Buyer the company may determine this Contract or suspend any further deliveries and shall be entitled to recover as damages from the Buyer the following:-following:-‌ (i) the value including any work completed or goods manufactured at the date of determination;termination;‌ (ii) the value of any work begun or goods begun to be manufactured at the date of determinationtermination; (iii) the value of any work begun or goods begun to be manufactured but not completed at the date of determination termination including the cost of materials, labour, overheads and profit in connection therewith; (iv) a sum representing any further profit profits which the Company would have made on the Contract but for its determination the Buyer's default, such profit lost profits to be determined by the Company's Auditors auditors whose decision (acting reasonably) shall be conclusive and binding on the parties. 11.3 Notwithstanding any stay mentioned in clause 11.2, the Company may terminate this Contract for reasons unrelated to the Buyer's insolvency or likely insolvency, including but not limited to the Buyer's non-payment or non-performance under this Contract.