Event of Default Termination. 11.1 Each and every of the following events shall constitute an Event of Default - 11.1.1 if the Owner fails to pay the Builder any amount which becomes payable by it pursuant to this Agreement on the due date for such payment; and/or 11.1.2 if the Owner commits a breach of a term of this Agreement and/or the Building Loan; and/or 11.1.3 if the Owner repudiates this Agreement and/or the Building Loan; and/or 11.1.4 if the Owner commits an act of insolvency, as contemplated in the Insolvency Act No. 24 of 1936, as amended; and/or 11.1.5 if the Owner’s shareholder/s and/or directors propose or pass a resolution for its liquidation or winding-up or to place it under business rescue proceedings; and/or 11.1.6 if any circumstances exist which may result in the Owner being placed under business rescue proceedings, whether voluntarily or on application by a third party; and/or 11.1.7 if a third party launches an application in terms whereof such third party seeks to place the Owner under business rescue proceedings; and/or 11.1.8 if the Owner or Builder has an order granted against or in respect of it, in terms of which that Party is sought to be provisionally or finally wound up, liquidated, dissolved, sequestrated or has any equivalent application or proceedings brought against it in terms of any equivalent applicable legislation; and/or 11.1.9 if the Builder, without cause, wholly suspends the Works before the completion thereof and fails to re-commence with the Works within a period of 30 (thirty) days of being called upon to do so by the Owner in writing; and/or 11.1.10 if the Builder refuses to execute the Works in accordance with industry norms and persists in its refusal for a period of 30 (thirty) days after being called upon by the Owner in writing to rectify its breach. 11.2 If an Event of Default occurs, then, notwithstanding, without detraction from and in addition to any other right which the Parties may have, in terms of or arising from this Agreement or at law, the Builder or the Owner, as the case may be shall be entitled - 11.2.1 to immediately cease to perform any further Works in so far as such Works are not complete, pending rectification of the breach;
Appears in 1 contract
Samples: Building Agreement
Event of Default Termination. 11.1 Each and every of the following events shall constitute an Event of Default -
11.1.1 if the Owner fails to pay the Builder any amount which becomes payable by it pursuant to this Agreement on the due date for such payment; and/or
11.1.2 if the Owner commits a breach of a term of this Agreement, the Sale Agreement and/or the Building Loan; and/or
11.1.3 if the Owner repudiates this Agreement, the Sale Agreement and/or the Building Loan; and/or
11.1.4 if the Owner commits an act of insolvency, as contemplated in the Insolvency Act No. 24 of 1936, as amended; and/or
11.1.5 if the Owner’s shareholder/s and/or directors propose or pass a resolution for its liquidation or winding-up or to place it under business rescue proceedings; and/or
11.1.6 if any circumstances exist which may result in the Owner being placed under business rescue proceedings, whether voluntarily or on application by a third party; and/or
11.1.7 if a third party launches an application in terms whereof such third party seeks to place the Owner under business rescue proceedings; and/or
11.1.8 if the Owner or Builder has an order granted against or in respect of it, in terms of which that Party is sought to be provisionally or finally wound up, liquidated, dissolved, sequestrated or has any equivalent application or proceedings brought against it in terms of any equivalent applicable legislation; and/or
11.1.9 if the Builder, without cause, wholly suspends the Works before the completion thereof and fails to re-commence with the Works within a period of 30 (thirty) days of being called upon to do so by the Owner in writing; and/or
11.1.10 if the Builder refuses to execute the Works in accordance with industry norms and persists in its refusal for a period of 30 (thirty) days after being called upon by the Owner in writing to rectify its breach.
11.2 If an Event of Default occurs, then, notwithstanding, without detraction from and in addition to any other right which the Parties may have, in terms of or arising from this Agreement or at law, the Builder or the Owner, as the case may be shall be entitled -
11.2.1 to immediately cease to perform any further Works in so far as such Works are not complete, pending rectification of the breach;
Appears in 1 contract
Samples: Building Agreement
Event of Default Termination. 11.1 Each 6.1 Notwithstanding any other provision of this Agreement, if any Event of Default (as defined in the Supply and every Offtake Agreement) with respect to the Company, on the one hand, or Xxxx, on the other hand (such defaulting Party, the “Defaulting Party”) has occurred and is continuing, Xxxx (where the Company is the Defaulting Party) or the Company (where Xxxx is the Defaulting Party) (such non-defaulting Party or Parties, the “Non-Defaulting Party”) may, without notice, (i) terminate the Agreement and demand payment of all obligations due to it hereunder by the Defaulting Party and/or (ii) subject to Section 6.2, exercise any rights and remedies provided or available to the Non-Defaulting Party under this Agreement or at law or equity, including all remedies provided under the Uniform Commercial Code and as provided under Section 6.3.
6.2 No delay or failure on the part of the following events Non-Defaulting Party in exercising any right or remedy to which it may be entitled on account of any Event of Default shall constitute an abandonment of any such right, and the Non-Defaulting Party shall be entitled to exercise such right or remedy at any time during the continuance of an Event of Default Default.
6.3 The Non-
11.1.1 if Defaulting Party’s rights under this Section shall be in addition to, and not in limitation or exclusion of, any other rights which the Owner fails Non-Defaulting Party may have (whether by agreement, operation of law or otherwise), including any rights of recoupment, setoff, combination of accounts or other rights that may from time to pay time be provided in connection with this Agreement. The Defaulting Party shall indemnify and hold the Builder any amount which becomes payable by it pursuant to this Agreement on the due date for such payment; and/or
11.1.2 if the Owner commits a breach of a term of this Agreement and/or the Building Loan; and/or
11.1.3 if the Owner repudiates this Agreement and/or the Building Loan; and/or
11.1.4 if the Owner commits an act of insolvencyNon-Defaulting Party harmless from all reasonable costs and expenses, as contemplated including reasonable attorney fees, incurred in the Insolvency Act No. 24 of 1936, as amended; and/or
11.1.5 if the Owner’s shareholder/s and/or directors propose or pass a resolution for its liquidation or winding-up or to place it under business rescue proceedings; and/or
11.1.6 if any circumstances exist which may result in the Owner being placed under business rescue proceedings, whether voluntarily or on application by a third party; and/or
11.1.7 if a third party launches an application in terms whereof such third party seeks to place the Owner under business rescue proceedings; and/or
11.1.8 if the Owner or Builder has an order granted against or in respect of it, in terms of which that Party is sought to be provisionally or finally wound up, liquidated, dissolved, sequestrated or has any equivalent application or proceedings brought against it in terms exercise of any equivalent applicable legislation; and/or
11.1.9 if the Builder, without cause, wholly suspends the Works before the completion thereof and fails to re-commence with the Works within a period of 30 (thirty) days of being called upon to do so by the Owner in writing; and/or
11.1.10 if the Builder refuses to execute the Works in accordance with industry norms and persists in its refusal for a period of 30 (thirty) days after being called upon by the Owner in writing to rectify its breachremedies hereunder.
11.2 6.4 If an Event of Default occurshas occurred and is continuing, then, notwithstandingthe Non-Defaulting Party may, without detraction from and in addition limitation on its rights under this Section, set off amounts which the Defaulting Party owes to it against any amounts which it owes to the Defaulting Party (whether hereunder, under any other right which the Parties may have, in terms of contract or arising from this Agreement agreement or at law, the Builder otherwise and whether or the Owner, as the case may be not then due). Any net amount due hereunder shall be entitled -
11.2.1 to immediately cease to perform any further Works in so far as payable by the party owing such Works are not complete, pending rectification amount within one business day of the breach;termination.
Appears in 1 contract
Samples: Marketing and Sales Agreement (Par Petroleum Corp/Co)
Event of Default Termination. 11.1 12.1 Each and every of the following events shall constitute an Event of Default -
11.1.1 12.1.1 if the Owner fails to pay the Builder any amount which becomes payable by it pursuant to this Agreement on the due date for such payment; and/or
11.1.2 12.1.2 if the Owner commits a breach of a term of this Agreement, the Sale Agreement and/or the Building Loan; and/or
11.1.3 12.1.3 if the Owner repudiates this Agreement, the Sale Agreement and/or the Building Loan; and/or
11.1.4 12.1.4 if the Owner commits an act of insolvency, as contemplated in the Insolvency Act No. 24 of 1936, as amended; and/or
11.1.5 12.1.5 if the Owner’s shareholder/s and/or directors propose or pass a resolution for its liquidation or winding-up or to place it under business rescue proceedings; and/or
11.1.6 12.1.6 if any circumstances exist which may result in the Owner being placed under business rescue proceedings, whether voluntarily or on application by a third party; and/or
11.1.7 12.1.7 if a third party launches an application in terms whereof such third party seeks to place the Owner under business rescue proceedings; and/or
11.1.8 12.1.8 if the Owner or Builder has an order granted against or in respect of it, in terms of which that Party is sought to be provisionally or finally wound up, liquidated, dissolved, sequestrated or has any equivalent application or proceedings brought against it in terms of any equivalent applicable legislation; and/or
11.1.9 12.1.9 if the Builder, without cause, wholly suspends the Works before the completion thereof and fails to re-commence with the Works within a period of 30 (thirty) days of being called upon to do so by the Owner in writing; and/or
11.1.10 12.1.10 if the Builder refuses to execute the Works in accordance with industry norms and persists in its refusal for a period of 30 (thirty) days after being called upon by the Owner in writing to rectify its breach.
11.2 12.2 If an Event of Default occurs, then, notwithstanding, without detraction from and in addition to any other right which the Parties may have, in terms of or arising from this Agreement or at law, the Builder or the Owner, as the case may be shall be entitled -
11.2.1 12.2.1 to immediately cease to perform any further Works in so far as such Works are not complete, pending rectification of the breach;
12.2.2 to cancel this Agreement on written notice to the other Party or to claim specific performance of this Agreement by the other Party; and
12.2.3 to claim damages from the other Party.
12.3 In the event that the Works are suspended as contemplated in clause 12.2.1 above, the Parties agree that –
12.3.1 the Owner shall bear the risk in and to the completed Works and for all stock and material on the Property;
12.3.2 the Owner shall be liable for all escalations in the Contract Sum and shall make payment of such amounts forthwith against the Builder’s demand for such payment; and
12.3.3 the date before which the Works are to be completed, as determined in terms of clause 8.3, shall be extended by a period equal to the number of days between the date of the Event of Default and the date of rectification thereof as certified by the Principal Agent.
12.4 Notwithstanding anything to the contrary herein contained, if for any reason whatsoever the start of the building operations is delayed for a period of 12 (twelve) months or longer, reckoned form the Signature Date, for reasons beyond the control of the Builder, then at the option of the Builder, this Agreement may be cancelled by the Builder on written notice to the Owner and thereafter neither Party shall have any claim against the other howsoever arising, save to the extent that such delay is attributable to the Owner, in which event the Owner shall be liable for all of the costs incurred by the Builder pursuant to this Agreement.
12.5 If in any legal proceedings or arbitration relating to the enforcement by the Builder of its rights in terms of this Agreement, a Court or arbitrator awards costs to the Builder, such costs shall be determined and recoverable on the scale as between an attorney and own client and shall include collection charges, the costs incurred by the Builder in endeavouring to enforce such rights prior to the institution of legal proceedings and the costs incurred in connection with the satisfaction or enforcement of any award or judgment awarded in favour of the Builder in relation to its rights in terms of or arising out of this Agreement.
Appears in 1 contract
Samples: Building Agreement
Event of Default Termination. 11.1 Each and every of the following events shall constitute an Event of Default -
11.1.1 if the Owner fails to pay the Builder any amount which becomes payable by it pursuant to this Agreement on the due date for such payment; and/or
11.1.2 if the Owner commits a breach of a term of this Agreement, the Sale Agreement and/or the Building Loan; and/or
11.1.3 if the Owner repudiates this Agreement, the Sale Agreement and/or the Building Loan; and/or
11.1.4 if the Owner commits an act of insolvency, as contemplated in the Insolvency Act No. 24 of 1936, as amended; and/or
11.1.5 if the Owner’s shareholder/s and/or directors propose or pass a resolution for its liquidation or winding-up or to place it under business rescue proceedings; and/or
11.1.6 if any circumstances exist which may result in the Owner being placed under business rescue proceedings, whether voluntarily or on application by a third party; and/or
11.1.7 if a third party launches an application in terms whereof such third party seeks to place the Owner under business rescue proceedings; and/or
11.1.8 if the Owner or Builder has an order granted against or in respect of it, in terms of which that Party is sought to be provisionally or finally wound up, liquidated, dissolved, sequestrated or has any equivalent application or proceedings brought against it in terms of any equivalent applicable legislation; and/or
11.1.9 if the Builder, without cause, wholly suspends the Works before the completion thereof and fails to re-commence with the Works within a period of 30 (thirty) days of being called upon to do so by the Owner in writing; and/or
11.1.10 if the Builder refuses to execute the Works in accordance with industry norms and persists in its refusal for a period of 30 (thirty) days after being called upon by the Owner in writing to rectify its breach.
11.2 If an Event of Default occurs, then, notwithstanding, without detraction from and in addition to any other right which the Parties may have, in terms of or arising from this Agreement or at law, the Builder or the Owner, as the case may be shall be entitled -
11.2.1 to immediately cease to perform any further Works in so far as such Works are not complete, pending rectification of the breach;
11.2.2 to cancel this Agreement on written notice to the other Party or to claim specific performance of this Agreement by the other Party; and
11.2.3 to claim damages from the other Party.
11.3 If the Works are suspended as contemplated in clause 11.2.1 above, the Parties agree that –
11.3.1 the Owner shall bear the risk in and to the completed Works and for all stock and material on the Property;
11.3.2 the Owner shall be liable for all escalations in the Contract Sum and shall make payment of such amounts forthwith against the Builder’s demand for such payment; and
11.3.3 the date before which the Works are to be completed, as determined in terms of clause 7.3 below, shall be extended by a period equal to the number of days between the date of the Event of Default and the date of rectification thereof as certified by the Principal Agent.
11.4 Notwithstanding anything to the contrary herein contained, if for any reason whatsoever the start of the building operations is delayed for a period of 12 (twelve) months or longer, reckoned form the Signature Date, for reasons beyond the control of the Builder, then at the option of the Builder, this Agreement may be cancelled by the Builder on written notice to the Owner and thereafter neither Party shall have any claim against the other howsoever arising, save to the extent that such delay is attributable to the Owner, in which event the Owner shall be liable for all of the costs incurred by the Builder pursuant to this Agreement.
11.5 If in any legal proceedings or arbitration relating to the enforcement by the Builder of its rights in terms of this Agreement, a Court or arbitrator awards costs to the Builder, such costs shall be determined and recoverable on the scale as between an attorney and own client and shall include collection charges, the costs incurred by the Builder in endeavouring to enforce such rights prior to the institution of legal proceedings and the costs incurred in connection with the satisfaction or enforcement of any award or judgment awarded in favour of the Builder in relation to its rights in terms of or arising out of this Agreement.
Appears in 1 contract
Samples: Plan and Build Agreement
