Financial Breach Clause Samples
A Financial Breach clause defines the consequences and procedures that apply when a party fails to meet its financial obligations under a contract, such as missing payments or failing to reimburse expenses. Typically, this clause outlines what constitutes a financial breach, the notice requirements, any grace periods for remedying the breach, and the potential remedies available to the non-breaching party, such as interest charges, suspension of services, or termination of the agreement. Its core function is to provide a clear framework for addressing non-payment issues, thereby protecting the financial interests of the parties and reducing uncertainty in the event of a default.
Financial Breach. Except as provided in Article 13.2, in the event LICENSEE has breached its obligations to pay royalties or fees under Article 3 or Article 4.3 of this License Agreement, and such fees are not subject to a good ▇▇▇▇▇ ▇▇▇▇ fide dispute between the parties, and/or fails to file royalty reports in accordance with Article 5 of this License Agreement, (hereafter “Financial Breach”) PSRF shall provide LICENSEE with written notice of said breach, and LICENSEE shall have a period of thirty (30) days to cure said breach. In the event LICENSEE does not fully cure the breach within that thirty (30) day period, and fails within that thirty (30) days to commence mediation pursuant to Article 13.1 of this License Agreement alleging grounds for its non-payment thereof, this License Agreement shall be automatically terminated without further notice or action by PSRF. If a dispute regarding termination is addressed according to Article 13, this license shall remain in full force and effect until such dispute is settled in a manner that is not further appealable or not appealed.
Financial Breach. In the event LICENSEE has breached its obligations to pay fees or equity under Article III of this License Agreement, (hereafter “Financial Breach”) PSRF shall provide LICENSEE with written notice of said breach, and LICENSEE shall have a period of thirty (30) days to cure said breach. In the event LICENSEE does not fully cure the breach within that thirty (30) day period, and fails within that thirty (30) days to commence mediation pursuant to Article XII of this License Agreement alleging grounds for its non-payment thereof, this License Agreement shall be automatically terminated without further notice or action by PSRF. Notwithstanding LICENSEE’s rights to cure herein, in the event LICENSEE commits a Financial Breach more than […***…] within any calendar year within the term of this License, PSRF shall be entitled to give notice of breach which shall become effective immediately upon LICENSEE’s receipt of said Notice, and for which LICENSEE shall not have any further right of “cure.”
Financial Breach. In the event BUYER has breached its obligations of this Agreement, SELLER shall provide BUYER with written registered notice of said breach, and BUYER shall have a period of thirty (30) days from the receipt of said notice to cure said breach. In the event BUYER does not fully cure the breach within that thirty (30) day period and alleging grounds for its non-payment thereof, this Agreement shall be automatically terminated without further notice or action by SELLER. Notwithstanding BUYER’s rights to cure herein, in the event BUYER commits a Financial Breach more than three times within any calendar year within the term of this License Agreement, SELLER shall have the option and be entitled to give notice of breach which shall become effective immediately upon BUYER’s receipt of said Notice, and for which BUYER shall not have any further right of “cure.”
Financial Breach. In the event LICENSEE has breached its obligations to pay royalties or fees under Article III of this License Agreement, and/or fails to file royalty reports in accordance with Article V of this License Agreement, (hereafter "Financial Breach") PSRF shall provide LICENSEE with written notice of said breach, and LICENSEE shall have a period of thirty (30) days to cure said breach. In the event LICENSEE does not fully cure the breach within that thirty (30) day period, and fails within that thirty (30) days to commence mediation pursuant to Article XIII of this License Agreement alleging grounds for its non-payment thereof, this License Agreement shall be automatically terminated without further notice or action by PSRF. Notwithstanding LICENSEE's rights to cure herein, in the event LICENSEE commits a Financial Breach more than two times within any calendar year within the term of this License, PSRF shall be entitled to give notice of breach which shall become effective immediately upon LICENSEE's receipt of said Notice, and for which LICENSEE shall not have any further right of "cure."
Financial Breach. As to Affiliate, where a breach occurs as a result of any of their financial requirements set forth herein, and said breach continues longer than thirty (30) days from the due date of any financial obligation, then this contract shall terminate and Affiliate will forfeit all end users and benefits of the program to Preference. Any remaining subscription period will also be forfeited. Preference may have direct communications to the Affiliate and end users for any purpose it sees fit. In addition, the full amount of the program fee will still due from the Affiliate.
Financial Breach