Common use of Payment Upon Default Clause in Contracts

Payment Upon Default. The Agreement at p.6 provides the following rights in a situation of default: In the context of this section, you should be informed of the following: “Clause required under the Consumer Protection Act. (Clause of forfeiture of benefit of the term) Before availing himself of this clause, the merchant must forward the consumer a notice in writing and unless he is exempted in accordance with section 69 of the General Regulation, he must forward him a statement of account. Within 30 days following the receipt by the consumer of the notice and, where necessary, of the statement of account, the consumer may:

Payment Upon Default. The Agreement at p.6 provides the following rights in a situation of default: In the context of this section, you should be informed of the following: • “Clause required under the Consumer Protection Act. • (Clause of forfeiture of benefit of the term) • Before availing himself of this clause, the merchant must forward the consumer a notice in writing and unless he is exempted in accordance with section 69 of the General Regulation, he must forward him a statement of account. Within 30 days following the receipt by the consumer of the notice and, where necessary, of the statement of account, the consumer may: