Common use of DEFAULT OR INSOLVENCY Clause in Contracts

DEFAULT OR INSOLVENCY. a) If the Sub-Contractor commits an Event of Default the Contractor may give the Sub-Contractor a written notice setting out: i. Details of the Event of Default; and ii. The date by which the Event of Default must be cured, (“Default Notice”). b) If the Event of Default is not remedied by the time specified in the Default Notice, the Contractor may do one of the following: i. Terminate the Sub-Contract; or ii. Take over a part or all of the Sub-Contract Works (“Step-In”). c) If there is an Event of Insolvency the Contractor may terminate the Sub- Contract (without prior notice), or, may Step In (providing notice to the Sub- Contractor of same). d) If the Contractor takes over a part or all of the Sub-Contract Works under this sub-clause (exercising its Step-In right): i. The Sub-Contractor’s obligations under the Sub-Contract are suspended for the period the Sub-Contractor is Prevented from performing the Sub-Contract by the Contractor exercising its Step-In right; ii. The Sub-Contractor must assist the Contractor to ensure the Contractor is able to exercise its Step-In right effectively and expeditiously; and iii. Any cost incurred by the Contractor arising out of or in connection with the exercise of its Step-In right will be a debt due from the Sub- Contractor to the Contractor.

DEFAULT OR INSOLVENCY. a) a. If the Sub-Contractor commits an Event of Default the Contractor Total may give the Sub-Contractor a written notice setting out: i. Details details of the Event of Default; and ii. The the date by which the Event of Default must be cured, (“Default Notice”)., b) b. If the Event of Default is not remedied by the time specified in the Default Notice, the Contractor Notice Total may do one of the following: i. Terminate terminate the Sub-Contract; or ii. Take take over a part or all of the Sub-Contract Works (“Step-In”). c) c. If there is an Event of Insolvency the Contractor Total may terminate the Sub- Sub-Contract (without prior notice), or, may Step In (providing notice to the Sub- Sub-Contractor of same). dd. If Total terminates the Sub-Contract under this sub-clause: i. Total may: a. in its absolute discretion engage another Sub-Contractor to complete the work under the Sub-Contract (or it may complete itself); b. have recourse to Security; and c. without payment of compensation to the Sub-Contractor, take possession of the Sub-Contractor’s Constructional Plant and other equipment and materials as necessary to complete the Sub-Contract Works (to be returned on Completion); ii. the Sub-Contractor must assign or novate all contracts (including secondary Sub-Contracts) concerning the Sub- Contract Works to Total and do everything and sign all documents necessary to give effect to this sub-clause; and iii. if the costs to complete the work under the Sub-Contract exceed that which Total would have paid the Sub- Contractor, those costs will be a debt due from the Sub-Contractor to Total. e. If the Contractor Total takes over a part or all of the Sub-Contract Works under this sub-clause (exercising its Step-In right): i. The the Sub-Contractor’s obligations under the Sub-Contract are suspended for the period the Sub-Contractor is Prevented prevented from performing the Sub-Contract by the Contractor Total exercising its Step-In right; ii. The the Sub-Contractor must assist the Contractor Total to ensure the Contractor Total is able to exercise its Step-In right effectively and expeditiously; and iii. Any any cost incurred by the Contractor Total arising out of or in connection with the exercise of its Step-In right will be a debt due from the Sub- Sub-Contractor to the ContractorTotal.

DEFAULT OR INSOLVENCY. a) If the Sub-Contractor commits an Event of Default the Contractor may give the Sub-Contractor a written notice setting out: i. Details of the Event of Default; and and Contractor representative/ initial Sub-Contractor representative/ initial ii. The date by which the Event of Default must be cured, (“Default Notice”). b) If the Event of Default is not remedied by the time specified in the Default Notice, the Contractor may do one of the following: i. Terminate the Sub-Contract; or ii. Take over a part or all of the Sub-Contract Works (“Step-In”). c) If there is an Event of Insolvency the Contractor may terminate the Sub- Contract (without prior notice), or, may Step In (providing notice to the Sub- Contractor of same). d) If the Contractor takes over a part or all of the Sub-Contract Works under this sub-clause (exercising its Step-In right): i. The Sub-Contractor’s obligations under the Sub-Contract are suspended for the period the Sub-Contractor is Prevented from performing the Sub-Contract by the Contractor exercising its Step-In right; ii. The Sub-Contractor must assist the Contractor to ensure the Contractor is able to exercise its Step-In right effectively and expeditiously; and iii. Any cost incurred by the Contractor arising out of or in connection with the exercise of its Step-In right will be a debt due from the Sub- Contractor to the Contractor.

DEFAULT OR INSOLVENCY. a) If the Sub-Contractor commits an Event of Default the Contractor may give the Sub-Contractor a written notice setting out: i. Details of the Event of Default; and ii. The date by which the Event of Default must be cured, (“Default Notice”).. Contractor representative/ initial Sub-Contractor representative/ initial b) If the Event of Default is not remedied by the time specified in the Default Notice, the Contractor may do one of the following: i. Terminate the Sub-Contract; or ii. Take over a part or all of the Sub-Contract Works (“Step-In”). c) If there is an Event of Insolvency the Contractor may terminate the Sub- Contract (without prior notice), or, may Step In (providing notice to the Sub- Contractor of same). d) If the Contractor takes over a part or all of the Sub-Contract Works under this sub-clause (exercising its Step-In right): i. The Sub-Contractor’s obligations under the Sub-Contract are suspended for the period the Sub-Contractor is Prevented from performing the Sub-Contract by the Contractor exercising its Step-In right; ii. The Sub-Contractor must assist the Contractor to ensure the Contractor is able to exercise its Step-In right effectively and expeditiously; and iii. Any cost incurred by the Contractor arising out of or in connection with the exercise of its Step-In right will be a debt due from the Sub- Contractor to the Contractor.

DEFAULT OR INSOLVENCY. a) If the Sub-Contractor commits an Event of Default the Contractor Total may give the Sub-Sub- Contractor a written notice setting out: i. Details of the Event of Default; and ii. The date by which the Event of Default must be cured, (“Default Notice”). b) If the Event of Default is not remedied by the time specified in the Default Notice, the Contractor Total may do one of the following: i. Terminate the Sub-Contract; or ii. Take over a part or all of the Sub-Contract Works (“Step-In”). c) If there is an Event of Insolvency the Contractor Total may terminate the Sub- Sub-Contract (without prior notice), or, may Step In (providing notice to the Sub- Contractor of same). d) If the Contractor Total takes over a part or all of the Sub-Contract Works under this sub-sub- clause (exercising its Step-In right): i. The Sub-Contractor’s obligations under the Sub-Contract are suspended for the period the Sub-Contractor is Prevented from performing the Sub-Contract by the Contractor Total exercising its Step-In right; ii. The Sub-Contractor must assist the Contractor Total to ensure the Contractor Total is able to exercise its Step-In right effectively and expeditiously; and iii. Any cost incurred by the Contractor Total arising out of or in connection with the exercise of its Step-In right will be a debt due from the Sub- Sub-Contractor to the ContractorTotal.