Adherence to contract and credits
International commercial contracts, such as international sales of goods, often involve large sums of money and large shipments of goods. Ever present and inherent to any commercial contract, but especially international transactions, is the threat of non-payment by the buyer or non-performance by the seller. Parties may not know much about each other, in particular about the financial stability and trustworthiness of their trading partner. The problem is compounded by uncertainty surrounding the applicable national law, where parties have not made an explicit choice of law in their contract.
Export Impact For Good
If restitution in kind is not possible or appropriate allowance should be made in money whenever reasonable. However, if performance of the contract has extended over a period of time and the contract is divisible, such restitution can only be claimed for the period after termination has taken effect. This page uses so called "cookies" to improve its service i.
Learn more and opt out of tracking I agree Toggle navigation. Klaus Peter Berger, LL. Contract Clauses. The type of non-performance is irrelevant, it relates to any failure by a party to perform any of its obligations under the contract.
This wide scope includes defective and late performance. The nature of the obligation which one party is not performing may also be relevant in determining whether that party's non-performance is fundamental, e. The time factor may also be relevant in that a non-performance that, in and of itself, is not fundamental, may be qualified as fundamental because the non-performance is of such a nature that the other party has reasonable grounds to believe that the non-performing party will not or cannot perform in the future.
Jump to: Please select a chapter! ICC Award No. Republic of Indonesia, 24 ILM at et seq. Hutchison, Dale Ed.
Jenks, Edward et al. Lowenfeld, Andreas F. MacQueen, Hector L. Int'l , at 86 et seq. I, Rev. Treitel, G. The Draft Civil Code for Israel in comparative perspective, Czechoslovak International Trade Code. Ethiopian Civil Code. French Civil Code Louisiana Civil Code During the period of renovation and repair, Party B do not have to pay the rent until the day when the reconstruction or repair ends.
Term of Agreement Either Party may Cancel this Agreement immediately upon giving the other Party written notice upon the following Delivery, Carriage, Acceptance If the delivery time is expressly fixed, failure to effect delivery on such time shall constitute a fundamental breach of contract. Failure to request delivery within such period of time does not amount to a fundamental breach.
Confidentiality Customer acknowledges that the Material and documentation Events of Default If any of the following events each an "Event of Default" occur, Seller and Buyer shall have the rights set forth in Section X, as applicable Seller or Buyer fails to satisfy or perform any material obligation or covenant under this Agreement Seller or Buyer shall admit its inability to, or its intention not to, perform any of its obligations hereunder Remedies If an Event of Default occurs with respect to Seller, the following rights and remedies are available to Buyer Seller shall be liable to Buyer for the amount of all expenses, reasonably incurred by Buyer in connection with or as a consequence of an Event of Default, including, without limitation, reasonable legal fees and expenses and reasonable costs incurred in connection with hedging or covering transactions In addition to its rights hereunder, Buyer shall have the right to proceed against any assets of Seller which may be in the possession of Buyer or its designee including the Custodian including the right to liquidate such assets and to set off the proceeds against monies owed by Seller to Buyer pursuant to this Agreement Termination Either Party may terminate this Contract forthwith by written notice if the other Party becomes insolvent or generally fails to pay, or admits in writing its inability to pay, debts as they become due Termination In addition to Purchaser's other rights and remedies under the New Agreement, Purchaser may cancel the remaining Shipments to be supplied under the New Agreement and may terminate the New Agreement under one or more the following conditions: Purchaser may terminate the New Agreement in the event that i Seller fails to supply, during a calendar month, at least the Monthly Quantity for such calendar month and ii such failure does not result from an event of force majeure under Section X of the Additional Terms or from a cause or circumstance within Purchaser's control.
If Purchaser elects to terminate the New Agreement pursuant to this paragraph Y, Purchaser shall give Seller written notice thereof, which shall specify the effective date of termination and shall be given at least thirty days prior to such date.
The risk of damages to or loss of the goods shall not pass until the Buyer takes over the goods, unless the Buyer commits a fundamental breach of contract by failing to take over the goods within a reasonable additional period to be fixed by the Seller in writing after the time of delivery has elapsed.
Conformity of the Goods Non-conformity of the goods to an agreed specification shall constitute a fundamental breach of contract. The same shall apply if the goods do not comply with the regulations existing in the country of destination The above-signed represents that If the information is false or inaccurate, the Merchant shall be deemed in material breach of all agreements between the Merchant and the Company and the Company shall be entitled to all remedies available under law.
Each of the following shall be a Termination Event Upon the termination or expiration of this Agreement, all rights and licenses granted under this Agreement will terminate Termination for Repeated Material Breach A Non-Breaching Party may terminate this Agreement if the Breaching Party has repeatedly materially breached material provisions of this Agreement including for example and without limitation, provisions regarding the quality of Results, parity, and technical performance to the extent applicable to the relevant country to such a degree that it is unlikely that the Breaching Party is willing or able to continue to perform its obligations under this Agreement in such country without continuing to materially breach this Agreement.
Amortization Events The occurrence of any one or more of the following events will constitute an Amortization Event: a Any Seller Party will fail i to make any payment or deposit required hereunder when due, or ii to perform or observe any term, covenant or agreement hereunder other than as referred to in clause i of this paragraph a and such failure will continue for five 5 consecutive Business Days.
Liabilities for Breach of Contract Prior to the relevant government authorities grant to Party B the land use right certificate and the building ownership certificate, if Party B delays the payment of any installment s for X days after the due date of such installment including Saturdays, Sundays and Public Holidays , Party A shall be entitled to unilaterally terminate this Contract by giving notice in writing to Party B Termination Rights This Agreement may be terminated by any Party immediately upon notice if the other Party Price and Payment Terms Notwithstanding the provisions of section X, if Buyer should fail to comply with any of its payment obligations, upon notice given by Sellers for Buyer to cure such default within a maximum term of sixty 60 days, Sellers shall be authorized to terminate this Agreement if noncompliance is not cured within such term.
X , Buyer shall be bound to restitute to Sellers such issued and outstanding Shares of the Company as are set forth in the table below. Delivery of Shares to Sellers shall be deemed as payment in kind of the penalty imposed to Buyer for failure to pay its payment of obligations by way of penalty clause and damages.
The number of Shares to be delivered and transferred by Buyer to Sellers is listed below. Such number shall vary depending on noncompliance by Buyer with its payment obligations, whether with regard to payment 1 of the Price, payment 2 or the last payment, as stated below.
Termination Events Each of the following will constitute a Termination Event Termination This Agreement may be terminated at any time before the Initial Repurchase Closing only as follows Events of Default The occurrence of any one or more of the following events shall constitute an Event of Default hereunder Any Grantor shall fail to observe or perform any of the terms or provisions of this Security Agreement other than a breach which constitutes an Event of Default under any other Section of this Article X and such failure shall continue unremedied for a period of ten days after the earlier of knowledge of such breach or notice thereof from the Agent.
Upon the occurrence of an Event of Default, the Agent may exercise any or all of the following rights and remedies If Customer fails to cure the breach and advise Service Company of such cure within the notice period, this Agreement shall terminate at the end of such Service Contract: Standard Terms Purchaser, by written notice, may terminate this Contract for default, in whole or in part, if Seller i fails to comply with any of the terms of this Contract; ii fails to make progress so as to endanger performance of this Contract; iii fails to provide adequate assurance of future performance; iv files or has filed against it a petition in bankruptcy; or v becomes insolvent or suffers a material adverse change in financial condition Option to terminate Distributor shall be deemed in default and Company may, at its option, terminate this Agreement effective immediately upon receipt of notice by Distributor, upon the occurrence of an of the following events: i if Distributor ceases to operate or otherwise abandons its business with respect to the sale of the Licensed Products..
Termination The licensor shall have the right to terminate this Agreement without prejudice to any rights which it may have upon the occurrence of any of the following events This contract may be terminated by revocation upon a substantial failure in execution by the other party. At any time, either party may terminate this Agreement effective immediately upon notice to the other party, if the other party Termination by the Company This Agreement may be terminated by the Company: if, at any time, the Administrator materially breaches this Agreement and the matter is unresolved after X days pursuant to the dispute resolution procedures set forth in Section X Terms of Agreement; Removal of Administrator Event of Default Any or more of the following described events shall constitute an event of default Event of Default Any or more of the following is an Event of Default Borrower fails to satisfy or pay any Obligation to Bank when due Borrower breaches any covenant, agreement, warranty or representation Borrower is in default under any document, instrument or agreement evidencing any debt, obligation or liability Events of Default A breach of any term or condition of the Power Purchase Agreement, including but not limited to, i any material breach of a representation, warranty, or covenant; ii any failure of X to pay the Capacity Payment when due; iii and any failure of either Party to make any other required payment when due, unless the amount due is the subject of a good faith dispute between the Parties Term and Termination X ceases to conduct its operation in the normal course of business Failure to Achieve Performance If Tests Substantial Defect If the Contractor fails to remedy a defect within the final period specified by the Purchaser in accordance with Sub-clause X, and if the defect is substantial then the Purchaser may terminate the Contract by notice to the Contractor.
Loan Default A loan is treated in default if a scheduled loan payment is not made at the time required. A Participant shall then have a grace period to cure the default before it becomes final Events of Default In case of the happening of any of the following events Events of Default Any one of the following shall constitute an event of default an Event of Default under this Agreement: Borrower fails to a make any payment of principal or interest on any Credit Extension on its due date, or b pay any other Obligations within three 3 Business Days after such Obligations are due and payable which three 3 Business Day cure period shall not apply to payments due on the Revolving Line Maturity Date.
During the cure period, the failure to make or pay any payment specified under clause a or b hereunder is not an Event of Default but no Credit Extension will be made during the cure period ; Borrower fails or neglects to perform any obligation in Section X or violates any covenant in Section Y Events of Default If one or more of the following Events of Default shall have occurred and be continuing a the Borrower shall fail to pay when due any principal of any Note; or b the Borrower shall fail to pay any interest on any Note or any other amount payable hereunder for a period of three Domestic Business Day after the same shall become due Default The occurrence of any one of the following events shall constitute an Event of Default: a The non-payment, within five 5 business days of when due, of any payment of principal or interest pursuant to this Note.
In the event the Holder becomes aware of a breach of this Section X, the Holder shall notify the Payor in writing of such breach and the Payor shall have ten 10 business days after notice to cure such breach; b The material breach of any representation or warranty by Payor in this Note. In the event the Holder becomes aware of a breach of this Section X, then provided such breach is capable of being cured by Payor, the Holder shall notify the Payor in writing of such breach and the Payor shall have ten 10 business days after notice to cure such breach; c The breach of any covenant or undertaking by Payor, not otherwise provided for in this Section X Default The occurrence of any one of the following events shall constitute an Event of Default The failure by Maker to pay the Note Payment on or before the Maturity Date; the material breach or failure by Maker to perform any covenant or undertaking of Maker in this Note or under the Merger Agreement, and other than failure by Maker to pay the Note Payment on or before the Maturity Date each of such breach or failure to perform is not cured within ten 10 days following the receipt by Maker of written notice thereof by Holder Events of Default Any one of the following shall constitute an event of default an "Event of Default" under this Agreement: Borrower fails to a make any payment of principal or interest on the Term Loan on its due date, or b pay any other Obligations within three 3 Business Days after such Obligations are due and payable which three 3 Business Day cure period shall not apply to payments due on the Term Loan Maturity Date Events of Default If any of the following events Events of Default shall occur: a the Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; b the Borrower shall fail to pay any interest on any Loan or Reimbursement Obligation or any fee or any other amount Borrower fails to make any payment when due under the Loan.
Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower. Transfer of Assets.
The Uniform Consumer Credit Code provides guidelines for laws related to the purchase and use of all types of credit products. more · Boilerplate. contract may bind an issuer of a letter of credit to a particular expiry date, but The Tenth Circuit confirmed its strict adherence to the strict compliance standard.
SLAs are a critical component of any outsourcing and technology vendor contract. Beyond listing expectations of service type and quality, an SLA provides remedies when requirements aren't met. Following are answers to common questions about SLAs and tips on how your organzation can craft effective SLAs with your vendors and partners.
For a contract of adhesion to exist, the offeror must supply a customer with standard terms and conditions that are identical to those offered to other customers. Those terms and conditions are not negotiable.
If restitution in kind is not possible or appropriate allowance should be made in money whenever reasonable. However, if performance of the contract has extended over a period of time and the contract is divisible, such restitution can only be claimed for the period after termination has taken effect.
Agency agreement
Contracts are a verbal or written agreement that a patient makes with themselves, with healthcare practitioners, or with carers, where participants commit to a set of behaviours related to the care of a patient. Contracts aim to improve the patients' adherence to treatment or health promotion programmes. To assess the effects of contracts between patients and healthcare practitioners on patients' adherence to treatment, prevention and health promotion activities, the stated health or behaviour aims in the contract, patient satisfaction or other relevant outcomes, including health practitioner behaviour and views, health status, reported harms, costs, or denial of treatment as a result of the contract. We included randomised controlled trials comparing the effects of contracts between healthcare practitioners and patients or their carers on patient adherence, applied to diagnostic procedures, therapeutic regimens or any health promotion or illness prevention initiative for patients. Contracts had to specify at least one activity to be observed and a commitment of adherence to it.
Adhesion Contract
In other articles on this website the basic law and practical aspects of anticipating change orders have been discussed in detail. The reason for such emphasis on change orders is that disputes concerning change orders form the single largest area of litigation or arbitration in the construction field. Many contracts, including those created by our office, provide stringent requirements for creating change orders and enforcing them and these clauses are of vital import to the professional or owner in a construction project. One client quipped that the average construction contract was a discussion of change order procedure with some other clauses thrown in. But the concentration on change order terms in a contract often creates false expectations on the part of both owners and builders. In reality, most triers of fact, whether in arbitration or in court, will normally seek to find some way that someone who accomplishes work is paid a fair amount and the clauses in a contract that act to forfeit such fair compensation if no writing occurs are somehow seldom enforced by most courts and arbitrators. Most often, the Court will conclude that some action or inaction by the owner or general contractor misled the claimant thus payment should be made. Other times the Court will interpret the clause as only applying in very narrow circumstances. Thus it is vital for the professional on the construction job to more fully understand how equity will enforce change orders regardless of contract wording. This article will rely primarily on federal law because federal procurement law has an extremely detailed and comprehensive changes mechanism and because almost all issues relating to changes have arisen and been decided under federal procurement law.
A service-level agreement SLA is a contract between a service provider and its customers that documents what services the provider will furnish and defines the service standards the provider is obligated to meet.
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service-level agreement (SLA)
An agency agreement is a legal contract creating a fiduciary relationship whereby the first party "the principal " agrees that the actions of a second party "the agent " binds the principal to later agreements made by the agent as if the principal had himself personally made the later agreements. The power of the agent to bind the principal is usually legally referred to as authority. Agency created via an agreement may be a form of implied authority , such as when a person gives their credit card to a close relative, the cardholder may be required to pay for purchases made by the relative with their credit card. Many states employ the equal dignity rule whereby the agency agreement must be in writing if the later agreement would also necessarily be written, such as a contract to buy thousands of dollars' worth of goods. An example of the existence of an agency agreement at issue in a court case arose when a tennis tournament sponsor sued Venus and Serena Williams for not participating. The sponsor argued that their father, Richard Williams , had committed to their participation in the tournament. The Williams sisters argued that their father did not have the authority to bind them to such an agreement. If their father did commit the sisters to play, the issue for the court to decide is whether a valid agency agreement existed between the Williams sisters and their father. If not, then they likely were not bound to his agreement under the law of agency. Manufacturers and suppliers of goods frequently appoint agents to act on their behalf in promoting sales, both in the home country of the manufacturer as well as overseas.
