Examples of Defaulting Party in a sentence
In addition, a Defaulting Party shall, within the limits specified in Section 5.2 of this Consortium Agreement, bear any reasonable and justifiable additional costs occurring to the other Parties in order to perform the leaving Party´s task and necessary additional efforts to fulfil them as a consequence of the Party leaving the consortium.
The Steering Committee should agree on a procedure regarding additional costs which are not covered by the Defaulting Party or the Mutual Insurance Mechanism.
Considering the form of the grant awarded by the Granting Authority (lump sum), a Party declared as a Defaulting Party in accordance with the appropriate provisions of Section 4.2 and Section 4.3 of this Consortium Agreement shall be liable to any other Party involved in the affected work package(s) for the entire loss of their lump sum share in said work package(s) or for the reduction of their lump sum share in said work package(s), resulting from the Defaulting Party’s breach.
Access Rights granted to a Defaulting Party and such Party's right to request Access Rights shall cease immediately upon receipt by the Defaulting Party of the formal notice of the decision of the Steering Committee to terminate its participation in the consortium.
Notwithstanding any other provision of this Agreement, if an Event of Default shall have occurred and be continuing, the Non-Defaulting Party, upon notice to the Defaulting Party, shall have the right to suspend performance under this Agreement; provided, however, that in no event shall any such suspension continue longer than ten (10) Business Days unless an Early Termination Date shall have been declared and notice thereof given pursuant to Section 11.2.