Seller Default consequences Sample Clauses
The 'Seller Default consequences' clause defines the actions and remedies available if the seller fails to fulfill their contractual obligations. Typically, this clause outlines the steps the buyer can take, such as demanding performance, seeking damages, or terminating the agreement if the seller defaults. By clearly specifying the repercussions of a seller's default, this clause protects the buyer's interests and provides a structured process for resolving breaches, thereby reducing uncertainty and potential disputes.
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Seller Default consequences. (a) Subject to Clause 16.5, in the event that there is a termination due to a Seller Default under Clause 16.1, the Seller shall pay to KPLC in accordance with this Clause 16.11 within thirty (30) days after termination the sum in US Dollars equivalent to:
(i) the additional average direct costs (if any) to KPLC of procuring capacity for a period of two years following the termination due to a Seller Default equivalent to the terminated Contracted Plant Capacity at the date of such termination; and
(ii) all sums due and owing from KPLC to KPLC’s customers for failure to deliver electricity directly resulting from the Default by the Seller giving rise to such termination, pursuant to KPLC’s standard terms and conditions of supply or under such customer’s statutory rights,
(b) The Parties agree that if the Parties are unable to agree on an amount payable pursuant to this Clause 16.11, the matter shall be determined by an Expert in accordance with Clause 19.3.