Common use of Failure to Obtain, Maintain or Renew Clause in Contracts

Failure to Obtain, Maintain or Renew. Failure to timely obtain, maintain and/or renew the insurance policies as required may, at the sole discretion of TFC, subject PSP to, among all other available remedies, at law and in equity, the following: 10.2.9.1. disqualification from eligibility to participate in any other or future projects with TFC; 10.2.9.2. suspension of Work for cause; 10.2.9.3. in the event PSP fails to timely renew or pay any of the renewal premiums for any expiring policies, TFC shall have the right (but not the obligation) to: (i) make such payments; and/or (ii) acquire replacement coverage, and thereafter set off the amount(s) or costs thereof against the next payment(s) coming due to PSP under the Agreement or under any other agreement between TFC and PSP; and/or 10.2.9.4. TFC may withhold any payments due to PSP from this Project or any other TFC project until satisfaction is achieved.