Nonpayment Procedures Clause Samples

Nonpayment Procedures. Without limiting any other term or clause in this Auction Agreement, Applicant specifically agrees that the Nonrefundable Deposit described in Section 1.4, the Nonpayment Determination described in Section 1.6(b), and the nonpayment procedures described in Section 1.6(c) are reasonable and fair in light of the forecast of all factors now known or available for consideration relating to the delay caused by a Nonpaying Applicant, that such procedures are reasonable to prevent such a delay, and that these procedures are the only remedies available to the Withdrawing Applicants in connection with, related to or arising out of the Sole Applicant’s failure to satisfy the Settlement Condition.