Default & Refusal to Perform Sample Clauses
The "Default & Refusal to Perform" clause defines the consequences and procedures that apply when one party fails to fulfill their contractual obligations or explicitly refuses to perform as agreed. Typically, this clause outlines what constitutes a default, such as missed payments or failure to deliver goods or services, and may specify remedies available to the non-defaulting party, like the right to terminate the contract or seek damages. Its core practical function is to allocate risk and provide a clear framework for addressing breaches, thereby ensuring both parties understand the repercussions of non-performance and helping to maintain contractual integrity.
Default & Refusal to Perform. Notwithstanding Sections 2, 5 and 6, we may at our sole discretion refuse to perform or Close Out a Contract, including but not limited to upon or at any time after any of the following events:
(a) you fail to settle a Contract by the agreed Settlement Date and Time;
(b) if we have reason to believe that you are using any Contract or the Services for investment or speculative purpose;
(c) if we reasonably believe that you have engaged in wrongful, unlawful or illegal activity related to Confirmation of Payee Requests
(d) either you or we cancel a Contract;
(e) you fail to pay Margin or additional Margin by the due date as requested by us;
(f) you fail to pay the deposit or additional deposit by the due date requested by us;
(g) An Insolvency Event occurs or you take steps to or suspend payment of your debts;
(h) you fail in any respect to fully and promptly comply with any obligations owed to us, or if any information supplied by you or any representations made by you are or become materially inaccurate;
(i) it becomes or may become unlawful for us to maintain or to provide any of the Services or if you or we are requested not to perform or to close out a Contract (or any part thereof) by the FCA and any governmental or regulatory authority whether or not that request is legally binding; or
(i) we consider it necessary to do so for our own protection including (without limitation) in the following circumstances: (i) protection from fraud, including APP Fraud; (ii) protection from your default; and (iii) protection from broad-based market failure. Where practicable, we will provide you with notice prior to making the decision to refuse to perform or Close Out a Contract, save in the circumstances described in subparas (h) or (j) above where it may not be possible for us to give prior notice. If you become aware of the occurrence of any such event or any circumstances that mean that any such event is likely to occur, you must notify us immediately. If any event referred to above takes place, we shall, at our discretion, be entitled to cancel any outstanding Contracts and charge you all of the costs, expenses and losses that we may incur (including any action we may take to cover or reduce our exposure). Any Margin held by us in respect of Contracts shall be returned to you after deducting all other sums due to us (including any fees or losses resulting from closing out the Contract). We shall not be responsible in any way for any delay in payment by us under...
Default & Refusal to Perform. We may cancel or terminate any Trade or terminate, cancel, or suspend the Traded FX Services immediately upon our becoming aware of any of the following:
a) failure by you to deposit sufficient available funds in your Nominated Account in settlement of a Trade on the Delivery Date;
b) suspected fraud or other criminal or money laundering activity;
c) you providing us with any false information;
d) you using, or allowing anyone else to use the Traded FX Services illegally or for criminal activity;
e) on the occurrence of anything which in our reasonable opinion could damage our reputation or could damage our business or give rise to investigation or intervention by our regulator.
f) if we have reason to believe that you are using any contract or the Services for investment or speculative purpose.
g) you fail in any respect to fully and promptly comply with any obligations owed to us, or if any information supplied by you or any representations made by you are or become materially inaccurate. Where practicable, we will provide you with notice prior to making the decision to refuse to perform or close out the trade, save in the circumstances described in clauses (b) or (d) above where it may not be possible for us to give prior notice. If you become aware of the occurrence of any such event or any circumstances that mean that any such event is likely to occur, you must notify us immediately. For the avoidance of doubt, in such circumstance or event, clause 13 of the Core Module shall apply to the full extent. We shall not be responsible in any way for any delay by us under this Annex caused by you or any other third party.
Default & Refusal to Perform. Without affecting clauses 2, 5 and 6 of this Schedule, we can refuse to perform or Close Out a Contract after any of the following:
a) you fail to settle a Contract by the agreed Settlement Date and Time,
b) if we reasonably believe you are using any Contract or the Services for investment or speculation reasons,
c) if we reasonably believe you are using or intend to use the Services for the purposes of conducting, or in connection with, APP Fraud, d) either you or we cancel a Contract,