Default & Termination for Cause. In advance of Seller’s actual default, if in Xxxxx’s opinion Seller is falling behind in its performance or is likely to breach the Contract, Buyer may request written adequate assurances from Seller that Seller remains able to perform the Contract. If Seller is unable or unwilling to provide adequate assurances within a reasonable period of time, which in no event shall be less than 3 business days, as requested, then Buyer may proceed with termination for default immediately, provided however that such termination shall be without opportunity to cure. With written notice to Seller, containing a reasonable time to cure, which in no event shall be less than 3 business days, but otherwise solely determined by Buyer, Buyer may terminate all or any part of the Contract if: (i) Seller fails to perform the Contract Work or deliver the Contract Work strictly within the time specified by the Contract or any written extension; (ii) Seller fails to perform any other material provision of the Contract; (iii) Seller fails to make progress so as to endanger performance of the Contract; or (iv) Seller’s right to conduct business is suspended, Xxxxxx becomes insolvent, Xxxxxx becomes subject to the appointment of a receiver or Seller becomes subject to assignment, reorganization or arrangement for the benefit of its creditors. In the event Buyer terminates the Contract in whole or in part as provided above, Buyer may procure goods or services similar to the Contract Work specified herein, and Seller shall be liable to Buyer for any excess costs for such similar procurement. If the Contract is terminated only in part, Seller shall continue performance of the Contract to the extent not terminated.
Appears in 4 contracts
Samples: Purchase Order, Purchase Order, Purchase Order
