Default at Completion Clause Samples
The "Default at Completion" clause defines the consequences and procedures that apply if a party fails to fulfill its obligations by the time a contract or project is completed. Typically, this clause outlines what constitutes a default at the point of completion, such as not delivering goods, failing to meet quality standards, or not making required payments. It may specify remedies available to the non-defaulting party, such as withholding final payment, demanding corrective action, or pursuing damages. The core function of this clause is to ensure accountability at the critical stage of contract completion and to provide clear recourse if obligations are not met as agreed.
Default at Completion. 32 14. WARRANTIES.......................................... 32 15.
Default at Completion. 13.1 Neither party shall be obliged to complete this Agreement until the other complies fully with the requirements of clauses 3.3 (subject to the provisions of clause 3.6) and clauses 12.
4.1 (A), (B), (C), (D), (F), (H), (I), (L) and (M), 12.4.2 and 12.5 (as appropriate).
13.2 To the extent that Premier Farnell does not comply fully with the requirements of clause 12.4.1(E), (G), (J), and (K) at Completion, Premier Farnell undertakes to satisfy such requirements as soon as practicable following Completion (and in any event within 5 Business Days of Completion) and undertakes to indemnify Arrow (who holds the benefit of such indemnity for itself and as trustee for each of its subsidiaries from time to time (which for the avoidance of doubt shall include the Companies and the Business Purchasers)) for any and all Losses in connection with failure to satisfy such requirements in accordance with this clause.
Default at Completion. If Completion does not occur on the Completion Date because either the Buyer or any of the Sellers (in each case, the "breaching party", with the other Party being the "non-breaching party") fails to comply with its respective obligations on Completion, the non-breaching party may by written notice to the breaching party:
Default at Completion