Common use of Termination by Reason of Default Clause in Contracts

Termination by Reason of Default. In the event that either of the parties hereto shall fail to perform any covenant required to be performed by such party under the terms and provisions of this Agreement and such failure shall continue un-remedied or uncorrected for a period of thirty (30) days after the service of written notice upon such party by the other party hereto, specifying such failure, this Agreement may be terminated, at the option of the party serving such notice, at the expiration of such period of thirty (30) days; provided, however, that such termination shall not relieve the party so failing from liability to the other party for such damages as may be suffered by reason of such failure.

Termination by Reason of Default. In the event that either of the parties hereto shall fail to perform any covenant required to be performed by such party under the terms and provisions of this Agreement and such failure shall continue un-remedied unremedied or uncorrected for a period of thirty (30) days after the service of written notice upon such party by the other party hereto, specifying such failure, this Agreement may be terminated, at the option of the party serving such notice, at the expiration of such period of thirty (30) days; provided, however, that such termination shall not relieve the party so failing from liability to the other party for such damages as may be suffered by reason of such failure.