Defaulting Liabilities. In the event that either party breaches this Contract, it shall undertake the defaulting liabilities and pay default penalty to the other party. If default penalty cannot cover the losses due to such default, the defaulting party shall make up the deficit. If default penalty are excessively higher or lower than actual losses, either party may request people’s court or arbitration institute to decrease or increase default penalty appropriately.
Appears in 6 contracts
Samples: Purchase Contract (ReneSola LTD), Purchase Contract (ReneSola LTD), ReneSola LTD