Common use of Failure of one of the parties Clause in Contracts

Failure of one of the parties. This Agreement shall be terminated by one of the Parties in the event of failure by the other Party to perform one or more of the obligations contained in the above provisions. This termination shall become effective only three (3) months after the plaintiff Party has sent a registered letter with acknowledgement of receipt, as per the date of reception by the defaulting party, describing the reasons for the complaint unless, within this period of time, the defaulting Party has met its obligations. Such termination does not prevent the defaulting Party from fulfilling its contractual obligations until the entry into force of such termination, subject to any losses possibly sustained by the plaintiff Party due such termination of the agreement.

Failure of one of the parties. This Agreement shall be terminated by one of the Parties in the event of failure by the other Party to perform one or more of the obligations contained in the above provisions. This termination shall become effective only three (3) months after the plaintiff Party has sent a registered letter with acknowledgement of receipt, as per the date of reception by the defaulting party, receipt describing the reasons for the complaint unless, within this period of time, the defaulting Party has met its obligations. Such termination does not prevent the defaulting Party from fulfilling its contractual obligations until the entry into force of such termination, subject to any losses possibly sustained by the plaintiff Party due such termination of the agreement.