PERFORMANCE – EXPRESS AVOIDANCE CLAUSE Clause Samples

PERFORMANCE – EXPRESS AVOIDANCE CLAUSE. If one party continues to default on its obligations and after a formal notice to comply has been sent by recorded delivery letter and remains without effect for 15 days, the other party shall be entitled to: either automatically consider the sale null and void (without any need for the intervention of the courts), with immediate effect on the date of notification of its decision by recorded delivery letter, and no other formal notice to comply shall be necessary prior to such notification. In this case, a sum equivalent to ten per cent (10%) of the selling price stipulated above shall be payable by the defaulting party as damages, less the down payment paid by the purchaser (or following reimbursement thereof). In order to meet their tax obligations, the parties shall formalise the cancellation of the sale in writing, at the first demand of one party. This cancellation agreement, together with this sale agreement, shall be subject to the formality of registration (a fixed duty of €10.00 per agreement) by the first party to take action and no later than one year after signature of this agreement. or to pursue enforcement of this contract. Cancellation shall give rise to payment of damages, fixed at the sum of ten per cent (10%) of the selling price. In both cases, the defaulting party shall bear all legal costs.