Default Responsibility. 20.1 In case Party A or Party B violates the obligation agreed in the Contract, the party concerned should bear the corresponding default responsibility.
20.2 In case Party A or Party B fails to truthfully make the statement or guarantee under the Contract or abide by the statement or guarantee, such behavior should be deemed as contract violation and the party concerned should bear the corresponding default responsibility.
20.3 In case the default penalty agreed in the Contract is not enough to compensate for the actual loss caused by the defaulting party to the other party, the defaulting party should compensate the other party for all losses caused by the default behavior thereof and for the profits able to be obtained after contract performance, but such profits should not be more than the losses which are caused by contract violation and can or should be predicted at contract conclusion.
20.4 In case Party B fails to repay the loan as scheduled, Party A has the right to collect the interests according to the overdue default interest rate agreed in Article 5.3 of the Contract, and perform other rights agreed in the Contract.
20.5 In case Party B fails to utilize the loan as agreed in the Contract, Party A has the right to collect the interest according to the embezzlement default interest rate agreed in Article 4.4 of the Contract, and perform other rights agreed in the Contract.
20.6 In case of having any one of the following behaviors, Party B should be deemed to violate the Contract, and Party A has the right to directly stop loan issuance and unilaterally terminate the Contract as well as announce the accelerated expiry of the loan, and Party B should not have any objection thereupon.
(1) Party B loses the contractual capacity, including but not limited to unscheduled insufficient loan principal or interest repayment to other financial institutions;
(2) Party B fails to pay the loan principal and interest or other expenses at a full amount as scheduled;
(3) Party B fails to utilize the loan as agreed in the Contract;
(4) The funds are not collected as agreed;
(5) Party B externally has important investment, etc., thus significantly influencing or threatening the realization of the creditor’s rights of Party A;
(6) Party B involves in major economic dispute or suffers from financial situation deterioration, etc., thus significantly influencing or threatening the realization of the creditor’s rights of Party A;
(7) Party B fails to perform any one of...
Default Responsibility. 5.1 各方均应诚实、全面、适当履行本协议。 The parties should honestly, comprehensively, properly execute this agreement.
5.2 任何一方不履行或不完全履行本协议，给守约方造成损失的，应当赔偿守约方的全部损失。 Each party shall indemnify the observant part against any loss which such party shall incur as a consequence of fail to perform or incompletely perform this agreement.
Default Responsibility. If Party B fails to pay the License Fee as scheduled in accordance with the provision hereunder, Party A is entitled to issue a written reminder to remind Party B to pay the outstanding License Fee, and Party B is entitled to collect a 3% of the relevant outstanding License Fee as the default fine. Except as otherwise provided in this Agreement, either party of this Agreement fails to perform the obligations under this Agreement or fails to perform the obligations in comply with the relevant provisions of this Agreement, shall, at the request of the non-defaulting party, to continue perform, or to adopt remedy measure and to compensate the actual loss caused to the non-defaulting party.
Default Responsibility. 11.1 The Parties agree and confirm that if any Party (hereinafter referred to as the “Defaulting Party”) materially violates any article under this Agreement, or materially fails to perform any of its obligations under this Agreement, the party shall be deemed to have constituted a breach of contract under this Agreement (hereinafter referred to as “Default”). In this case, the observant Party shall have the right to request the Defaulting Party to make corrections or take remedial measures within a reasonable time limit. If the Defaulting Party fails to make corrections or take remedial measures within a reasonable time limit or within 15 days after the observant Party has notified the Defaulting Party in writing and requested corrections, the observant Party would have the right to require the Defaulting Party to perform its obligations under this Agreement and request the Defaulting Party to pay all damages.
11.2 All Parties agree and confirm that without the written consent of the Parties, under no circumstances shall each Party request the termination of this Agreement for any reason.
11.3 Despite the other provisions of this Agreement, the validity of this Article shall not be affected by the suspension or termination of this Agreement.
Default Responsibility. 11.1. While the contract becomes effective, the both parties should perform the obligation of this contract. Any party who does not perform or absolutely perform the obligation of this contract should bear the default responsibility legally.
11.2. If Party A does not get the loan as the 7.1. item of this contract, Party B should charge the liquidated for delaying based on daily interest rate of the contract.
11.3. If Party A does not provide the loan as the 7.1. item of this contract, Party B should pay the liquidated for delaying based on daily interest rate of the contract.
11.4. If Party A does not repay the capital or interest on the time limit of this contract, Party B has rights to set a time limit for getting paid off. And Party A gives the rights to Party B to charge the fund from the account opened by Party A in the Industrial and Commercial Bank of China and all the branches for the debt of this contract. And Party B may charge penalty interest equal to an additional 50% from the overdue day and charge the compound interest equal to an additional 50% for the interest which is not paid. If the fund is foreign exchange, it is counted according to the exchange rate of the day.
11.5. If Party A does not use the loan in the way of the agreement of this contract, the Party has rights to stop providing the loan or carry the lending loan back in advance or discharge the contract. And Party B may charge penalty interest equal to an additional 100% from the overdue day and charge the compound interest equal to an additional 100% for the interest which is not paid.
11.6. If both 11.4. item and 11.5. item happened to Party A, Party B should punish the Party for the serious one instead together.
11.7. If any following items happen to Party A, Party A should correct or take remedy actions allowed by Party B in 7 days after receiving the notice from Party B, Otherwise Party B has rights to stop providing the loan or carry all or part of the loan back in advance. Party B should charge the liquidated damages based on daily interest rate of the contract for the part which can not recover.
11.7.1. Supply the false or fact-hiding balance sheet, income statement or financial information to Party B.
11.7.2. Refuse to accepting or cooperation the supervision of Party B to the information about debt, business and financial activities.
11.7.3. Transfer important parts of property without the agreement of Party B.
11.7.4. Parts or all of the property are possessed by othe...
Default Responsibility. Effective, Change, Dissolution and Termination of the Contract
Default Responsibility. 8.1 After the contract is effective, both parties should fulfill the obligations. If any party which violate the contract should bear default responsibility.
8.2 Party B has the right to collect the late fee by the contract agreed rate on day basis, if Party A does not conduct loan as article 3.2
Default Responsibility. As for the failure in performing part of the obligations set forth in the Agreement or delay in accomplishing the schemes or projects indicated in this legal document, caused by natural irresistible forces, the unforeseen circumstances or other conditions beyond the control of Man, none of the three Parties shall be held responsible for these damages or losses; and the three Parties may terminate the Agreement as they all agree to. When any Party wishes to terminate the Agreement, that Party shall notify the other two parties 30 days in advance. If one Party ends the validity of the Agreement without authorization or consent from the other two parties, then the two Parties reserve the rights to seek legal actions against him for his breach of the Agreement.
Default Responsibility. 7.1 Each party shall be deemed as default if any of the following events occurs:
1) Violation of the provisions in this Agreement by any party;
2) Statement, guarantee, commitment deemed as untrue, incorrect and misleading or violating this Agreement offered by any party.
7.2 The other two parties have the right to terminate this Agreement or require compensation for the resultant losses caused by any party of the three.
Default Responsibility. (I) If the materials provided by Party A to Party B are untrue, incomplete or invalid and cause damage to Party B, Party A shall be liable for the compensation therefor.
(II) Where Party B fails to advance and pay the financing amount promptly as agreed in this Agreement, Party B shall assume the corresponding default responsibility, unless otherwise prescribed herein.
