Common use of Default-Cancellation Clause in Contracts

Default-Cancellation. Customer reserves the right, by written notice of default, to cancel this order, without liability to Customer, in the event of the happening of any of the following: insolvency of Supplier, the filing of a voluntary petition in bankruptcy by Supplier, the filing of an involuntary petition to have Supplier declared bankrupt, the appointment of a Receiver or Trustee for Supplier, or the execution by Supplier of an assignment for the benefit of creditors. If Supplier breaches any of the terms of this order, Customer reserves the right, without any liability to Customer, to (i) cancel this order in whole or in part, and Supplier shall be liable to Customer for all damages, losses and liability incurred by Customer resulting from Supplier’s breach, or (ii) obtain the goods or services ordered from another source and charge Supplier the cost of cover. Customer’s remedies are cumulative and in addition to any other remedies provided at law or in equity.