Common use of Termination on Notice of Default Clause in Contracts

Termination on Notice of Default. If either party shall give notice to the other that the other party has substantially defaulted in the performance of any obligation under this Agreement, and the default shall not have been cured within sixty (60) days following the giving of the notice, the parties will obtain three (3) mutually agreeable arbitrators who will either resolve the issues of disagreement or will arbitrate and decide as to whether the Agreement must be terminated. Except as provided in Section 9.8, the expense of such Arbitration shall be paid 50% by the Practice Manager and 50% to be allocated proportionately among the Shareholders of Medical Practice. Until the final decision of the Arbitration, Practice Manager shall continue as the Practice Manager under this Agreement.

Termination on Notice of Default. If either party shall give notice to the other that the other party has substantially defaulted in the performance of any obligation under this Agreement, and the default shall not have been cured within sixty (60) days following the giving of the notice, the parties will obtain three (3) mutually agreeable arbitrators who will either resolve the issues of disagreement or will arbitrate and decide as to whether the Agreement must be terminated. Except as provided in Section 9.8, the expense of such Arbitration shall be paid 50% by the Practice Manager and 50% to be allocated proportionately among the Shareholders of Medical Practice. Until the final decision of the Arbitration, Practice Manager shall continue as the Practice Manager under this Agreement.