Common use of PERFORMANCE AND DEFAULT Clause in Contracts

PERFORMANCE AND DEFAULT. If, through any cause, Vendor shall fail to fulfill in timely and proper manner the obligations under this contract, the State shall have the right to terminate this contract by giving written notice to the Vendor and specifying the effective date thereof. In that event, all finished or unfinished deliverable items under this contract prepared by the Vendor shall, at the option of the State, become its property, and the Vendor shall be entitled to receive just and equitable compensation for any acceptable work completed on such materials. Notwithstanding, Vendor shall not be relieved of liability to the State for damages sustained by the State by virtue of any breach of this contract, and the State may withhold any payment due the Vendor for the purpose of setoff until such time as the exact amount of damages due the State from such breach can be determined. The State reserves the right to require at any time a performance bond or other acceptable alternative guarantees from a successful Vendor without expense to the State. In case of default by the Vendor, the State may procure the services necessary to complete performance hereunder from other sources and hold the Vendor responsible for any excess cost occasioned thereby. In addition, in the event of default by the Contractor under this contract, or upon the Contractor filing a petition for bankruptcy or the entering of a judgment of bankruptcy by or against the Contractor, the State may immediately cease doing business with the Contractor, immediately terminate this contract for cause, and may act to debar the Contractor from doing future business with the State

PERFORMANCE AND DEFAULT. If, through any cause, Vendor shall fail to fulfill in timely and proper manner the obligations under this contract, the State shall have the right to terminate this contract by giving written notice to the Vendor and specifying the effective date thereof. In that event, all finished or unfinished deliverable items under this contract prepared by the Vendor shall, at the option of the State, become its property, and the Vendor shall be entitled to receive just and equitable compensation for any acceptable work completed on such materials. Notwithstanding, Vendor shall not be relieved of liability to the State for damages sustained by the State by virtue of any breach of this contract, and the State may withhold any payment due the Vendor for the purpose of setoff until such time as the exact amount of damages due the State from such breach can be determined. The State reserves the right to require at any time a performance bond or other acceptable alternative performance guarantees from a successful Vendor without expense to the State. In case of default by the Vendor, the State may procure the goods and services necessary to complete performance hereunder from other sources and hold the Vendor responsible for any excess cost occasioned thereby. In addition, in the event of default by the Contractor Vendor under this contract, or upon the Contractor Vendor filing a petition for bankruptcy or the entering of a judgment of bankruptcy by or against the ContractorVendor, the State may immediately cease doing business with the ContractorVendor, immediately terminate this contract for cause, and may act to debar the Contractor Vendor from doing future business with the State.

PERFORMANCE AND DEFAULT. If, through any cause, Vendor shall fail to fulfill in timely and proper manner the obligations under this contract, the State PCC shall have the right to terminate this contract by giving written notice to the Vendor and specifying the effective date thereof. In that event, all finished or unfinished deliverable items under this contract prepared by the Vendor shall, at the option of the StatePCC, become its property, and the Vendor shall be entitled to receive just and equitable compensation for any acceptable work completed on such materials. Notwithstanding, Vendor shall not be relieved of liability to the State PCC for damages sustained by the State PCC by virtue of any breach of this contract, and the State PCC may withhold any payment due the Vendor for the purpose of setoff until such time as the exact amount of damages due the State PCC from such breach can be determined. The State PCC reserves the right to require at any time a performance bond or other acceptable alternative performance guarantees from a successful Vendor without expense to the StatePCC. In case of default by the Vendor, the State PCC may procure the goods and services necessary to complete performance hereunder from other sources and hold the Vendor responsible for any excess cost occasioned thereby. In addition, in the event of default by the Contractor Vendor under this contract, or upon the Contractor Vendor filing a petition for bankruptcy or the entering of a judgment of bankruptcy by or against the ContractorVendor, the State PCC may immediately cease doing business with the ContractorVendor, immediately terminate this contract for cause, and may act to debar the Contractor Vendor from doing future business with the StatePCC.

PERFORMANCE AND DEFAULT. If, through any cause, Vendor shall fail to fulfill in timely and proper manner the obligations under this contract, the State University shall have the right to terminate this contract by giving written notice to the Vendor and specifying the effective date thereof. In that event, all finished or unfinished deliverable items under this contract prepared by the Vendor shall, at the option of the StateUniversity, become its property, and the Vendor shall be entitled to receive just and equitable compensation for any acceptable work completed on such materials. Notwithstanding, Vendor shall not be relieved of liability to the State University for damages sustained by the State University by virtue of any breach of this contract, and the State University may withhold any payment due the Vendor for the purpose of setoff until such time as the exact amount of damages due the State University from such breach can be determined. The State University reserves the right to require at any time a performance bond or other acceptable alternative guarantees from a successful Vendor without expense to the StateUniversity. In case of default by the Vendor, the State University may procure the services necessary to complete performance hereunder from other sources and hold the Vendor responsible for any excess cost occasioned thereby. In addition, in the event of default by the Contractor under this contract, or upon the Contractor filing a petition for bankruptcy or the entering of a judgment of bankruptcy by or against the Contractor, the State University may immediately cease doing business with the Contractor, immediately terminate this contract for cause, and may act to debar the Contractor from doing future business with the State