Common use of Termination by Breach Clause in Contracts

Termination by Breach. 16.1.1 If either the Buyer or the Seller should substantially breach the provisions of this Contract, which breach is not cured within sixty (60) days following receipt from the other party of notice of such breach, the other party may, at its sole discretion, immediately terminate this Contract by providing written notice of the party in breach. In addition, if there exist reasonable grounds to doubt either the Buyer’s or the Seller’s ability to perform its obligations under this Contract in full, then the other party shall have the right to demand assurances for adequate performance. If no such assurances are provided within sixty (60) days of the request, then the party demanding assurances may terminate this Contract on written notice to the other party. 16.1.2 In the event of a payment-related material breach of this Contract by Buyer which extends longer than thirty (30) days after the date payment is due, then Seller may, at its option and subject to stay pending the outcome of any dispute resolution proceeding initiated pursuant to the Article entitled “Disputes and Arbitration” hereunder, either (i) stop work, terminate the Contract for breach and initiate suit for collection of outstanding balances; or (ii) stop work, invoice Buyer in advance for all remaining payments due under this Contract, and continue performance of this Contract upon receipt of such payments from Buyer, with appropriate schedule adjustments needed for any delay;