Common use of Default Liability Clause in Contracts

Default Liability. 9.1 The Parties agree and confirm that any substantial violation of any of the provisions under this Agreement of any Party (“Defaulting Party”), or any substantial failure of, or any delay on, performing any obligation under this Agreement will constitute a default under this Agreement (the “Default”) and any party who is not a Defaulting Party (“Non-Defaulting Party”) shall have the right to require the Defaulting Party to correct or take remedial measures in reasonable time period. If the Defaulting Party does not correct or take remedial measures in reasonable time period or ten (10) days after the other party informs the Defaulting Party in written of compensation requirements, then: 9.1.1 If the Shareholders or the Company is the Defaulting Party, the Sole Corporation shall have the right to terminate this Agreement and require the Defaulting Party to compensate. 9.1.2 If the Sole Corporation is the Defaulting Party, the Non-Defaulting Parties shall have the right to require the Defaulting Party to compensate. However, unless otherwise specified in laws, the Non-Defaulting Parties are not entitled to terminate or relieve this Agreement under any circumstance. 9.1.3 Regardless of any provision otherwise agreed under this Agreement, the effectiveness of this Article shall not be affected by suspension or termination of this Agreement.

Default Liability. 9.1 10.1 The Parties agree and confirm that if any substantial violation of Party (hereinafter referred to as the “Defaulting Party”) materially violates any of the provisions of the Agreement or substantially fails to perform any of the obligations under this Agreement the Agreement, it shall constitute the breach of any Party (“Defaulting Party”), or any substantial failure of, or any delay on, performing any obligation contract under this Agreement will constitute a default under this the Agreement (the hereinafter referred to as “Default”) and any party who is not a Defaulting the non-defaulting Party (“Non-Defaulting Party”) shall have the right to require the Defaulting Party to correct or take remedial measures in within a reasonable time periodperiod of time. If the Defaulting Party does not fails to correct or take remedial measures in within a reasonable period of time period or within ten (10) days after the other party informs non-defaulting Party has notified the Defaulting Party in written writing of compensation requirementscorrection request, thenthe non-defaulting Party shall have the right to determine at its discretion: 9.1.1 (1) If the Shareholders or the Company Party B is the Defaulting Party, the Sole Corporation Party A shall have the right to terminate this the Agreement and require request the Defaulting Party to compensate.pay damages; 9.1.2 (2) If the Sole Corporation Party A is the Defaulting Party, the Non-Defaulting Parties Party B shall have the right to require request the Defaulting Party to compensate. However, pay damages; unless otherwise specified in lawsprovided by law, the Non-Defaulting Parties are not entitled it shall have no right to terminate or relieve this cancel the Agreement under any circumstancecircumstances. 9.1.3 Regardless of 10.2 Notwithstanding any provision otherwise agreed under this Agreementother provisions herein, the effectiveness of this the provisions of Article 10 herein shall not be affected by the suspension or termination of this the Agreement.

Default Liability. 9.1 The Parties agree and confirm that any substantial violation of any of the provisions under this Agreement of by any Party (“Defaulting Party”), or any substantial failure of, or any delay on, performing any obligation under this Agreement will constitute a default under this Agreement (the “Default”) and any party who is not a Defaulting Party (“Non-Defaulting Party”) shall have the right to require the Defaulting Party to correct or take remedial measures in within a reasonable time period. If the Defaulting Party does not correct or take remedial measures in within a reasonable time period or ten (10) days after the other party informs the Defaulting Party in written of compensation requirements, then: 9.1.1 If the Shareholders or the Company is the Defaulting Party, the Sole Corporation shall have the right to terminate this Agreement and require the Defaulting Party to compensate. 9.1.2 If the Sole Corporation is the Defaulting Party, the Non-Defaulting Parties shall have the right to require the Defaulting Party to compensate. However, unless otherwise specified in laws, the Non-Defaulting Parties are not entitled to terminate or relieve this Agreement under any circumstance. 9.1.3 Regardless of any provision otherwise agreed under this Agreement, the effectiveness of this Article shall not be affected by suspension or termination of this Agreement.

Default Liability. 9.1 10.1 The Parties agree and confirm that any substantial violation of if either Party (hereinafter referred to as the “Defaulting Party”) materially violates any of the provisions of the Agreement or substantially fails to perform any of the obligations under this Agreement the Agreement, it shall constitute the breach of any Party (“Defaulting Party”), or any substantial failure of, or any delay on, performing any obligation contract under this Agreement will constitute a default under this the Agreement (the hereinafter referred to as “Default”) and any party who is not a Defaulting the non-defaulting Party (“Non-Defaulting Party”) shall have the right to require the Defaulting Party to correct or take remedial measures in within a reasonable time periodperiod of time. If the Defaulting Party does not fails to correct or take remedial measures in within a reasonable period of time period or within ten (10) days after the other party informs non-defaulting Party has notified the Defaulting Party in written writing of compensation requirementscorrection request, thenthe non-defaulting Party shall have the right to determine at its discretion: 9.1.1 (1) If the Shareholders or the Company Party B is the Defaulting Party, the Sole Corporation Party A shall have the right to terminate this the Agreement and require request the Defaulting Party to compensate.pay damages; 9.1.2 (2) If the Sole Corporation Party A is the Defaulting Party, the Non-Defaulting Parties Party B shall have the right to require request the Defaulting Party to compensate. However, pay damages; unless otherwise specified in lawsprovided by law, the Non-Defaulting Parties are not entitled it shall have no right to terminate or relieve this cancel the Agreement under any circumstancecircumstances. 9.1.3 Regardless of 10.2 Notwithstanding any provision otherwise agreed under this Agreementother provisions herein, the effectiveness of this the provisions of Article 10 herein shall not be affected by the suspension or termination of this the Agreement.

Default Liability. 9.1 8.1 The Parties agree and confirm acknowledge that any substantial violation of any of the provisions under this Agreement of any Party (“Defaulting Party”), or any substantial failure of, or any delay on, of performing any obligation under this Agreement will shall constitute a default under this Agreement (the “Default”) and any party ). Any non-defaulting Party who is not a Defaulting Party suffers loss (“Non-Defaulting Party”) shall have the right to require demand the Defaulting Party to correct cure or take remedial measures in within a reasonable time period. If the Defaulting Party does not correct fails to cure or take remedial measures in within such reasonable time period or within ten (10) days after the other party informs related Non-Defaulting Party notifies the Defaulting Party in written writing of compensation requirementsrequests, then: 9.1.1 If then the Shareholders or the Company is the relevant Non-Defaulting Party, the Sole Corporation Party shall have the right to decide in its own discretion (1) to terminate this Agreement and require demand the Defaulting Party to compensate. 9.1.2 If compensate all loss suffered; or (2) to demand specific performance of the Sole Corporation is the Defaulting Party, the Non-Defaulting Parties shall have the right to require obligations of the Defaulting Party to compensate. However, under this Agreement and compensate all loss suffered. 8.2 The Parties agree and acknowledge that unless otherwise specified in lawsby laws and this Agreement, the Non-Defaulting Parties are Shareholders and Zhaoyan Technology shall not be entitled to terminate or relieve this Agreement early under any circumstance. 9.1.3 8.3 Regardless of any provision otherwise agreed under this Agreement, the effectiveness of this Article shall not be affected by suspension or termination of this Agreement.

Default Liability. 9.1 7.1 For the amount of late payment, Buyer(s) shall pay a penalty of 0.3% per day of the amount of late payment. If more than 10 days are overdue, the Seller has the right to terminate this contract Agreement, and the contract Agreement payments already paid by Buyer(s) will not be refunded. 7.2 The Parties agree and confirm that that, if any substantial violation of Party (the “Defaulting Party”) breaches any of the provisions under this Agreement of any Party (“Defaulting Party”)herein, or any substantial failure of, fails to perform or any delay on, performing delays in the performance of any obligation under this Agreement will Agreement, such breach, failure or delay shall constitute a default under this Agreement (the “Default”) ), and any party who is not a Defaulting the non-defaulting Party (the “Non-Defaulting Non- defaulting Party”) shall have the right is entitled to require the Defaulting Party to correct rectify such Default or take remedial measures in within a reasonable time periodperiod of time. If the Defaulting The Non-defaulting Party does not correct or take remedial measures in reasonable time period or ten (10) days after the other party informs the Defaulting Party in written of compensation requirements, then: 9.1.1 If the Shareholders or the Company is entitled to claim damages from the Defaulting Party, the Sole Corporation shall have the right to terminate this Agreement and require the Defaulting Party to compensate. 9.1.2 If the Sole Corporation is the Defaulting Party; however, the Non-Defaulting Parties shall have the right to require the Defaulting defaulting Party to compensate. However, may not terminate this Agreement in any event unless otherwise specified in provided under the laws. 7.3 Under this Contract Agreement, The Parties agree and confirm that, if any Party (the “Defaulting Party”) breaches any of the provisions herein, all the rights of the non-defaulting Party (the “Non-Defaulting Parties defaulting Party”) are independent and exercised cumulatively. The exercise of a certain right under this Agreement by the non- defaulting Party (the “Non-defaulting Party” ) shall not entitled to terminate or relieve be regarded as a waiver of other rights under this Agreement under any circumstancecircumstances. 9.1.3 Regardless of any provision otherwise agreed under this Agreement, the effectiveness of this Article shall not be affected by suspension or termination of this Agreement.

Default Liability. 9.1 The Parties 8.1 Subject to other articles of this Agreement (including but not limited to Article 12.1), the parties agree and confirm that any substantial violation of any of if either party (hereinafter referred to as ​ ​ the provisions under this Agreement of any Party (“Defaulting Party”)) violates any agreement under this Agreement, or any substantial failure of, fails to perform or any delay on, delays in performing any obligation under this Agreement Agreement, it will constitute a default under this Agreement (the hereinafter referred to as “Defaultdefault”) ), and any party who is not a Defaulting Party one of the other non-defaulting parties (hereinafter referred to as “Non-Defaulting Observant Party”) shall have has the right to require the Defaulting Party to correct make corrections or take remedial measures in within a reasonable time period. If the Defaulting Party does not correct fails to make corrections or take remedial measures in within a reasonable period of time period or within ten (10) days after the other party informs party’s notification in writing to the Defaulting Party in written for corrections, then 8.1.1 The Observant Party has the right to unilaterally and immediately terminate this Agreement and ask the Defaulting Party to pay damages when Party B or Party C is the Defaulting Party; 8.1.2 The Observant Party shall exempt Party A from its obligation of compensation requirementsfor damages, then: 9.1.1 If the Shareholders or the Company when Party A is the Defaulting Party, the Sole Corporation shall and have the no right to terminate this Agreement and require the Defaulting Party to compensate. 9.1.2 If the Sole Corporation is the Defaulting Party, the Non-Defaulting Parties shall have the right to require the Defaulting Party to compensate. However, unless otherwise specified in laws, the Non-Defaulting Parties are not entitled to terminate or relieve dissolve this Agreement under any circumstancecircumstances, unless otherwise provided by law. 9.1.3 Regardless 8.2 Notwithstanding other provisions of any provision otherwise agreed under this Agreement, the effectiveness validity of this the provisions of Article shall 8 will not be affected by suspension or the termination of this Agreement.