New York Clauses Relating to Defaults, Default Remedies In legal contracts and agreements, the inclusion of specific clauses relating to defaults and default remedies is essential to protect the interests of all parties involved. New York law has established various types of clauses to address defaults and the actions that may be taken to remedy them. These clauses ensure that contractual obligations are met and provide recourse for non-performance or breach. 1. New York Default Clause: The New York Default Clause is a commonly used provision that outlines the conditions under which a default occurs. It defines what constitutes a default, such as failure to make prompt payment, failure to perform obligations, or violation of the terms of the agreement. This clause acts as a trigger point for default remedies. 2. New York Default Remedies Clause: The New York Default Remedies Clause outlines the available remedies in the event of a default. It provides a range of actions that can be taken by the non-defaulting party to enforce the agreement or seek compensation for the losses suffered due to the default. Common remedies include termination of the contract, monetary damages, specific performance, or injunctive relief. 3. Acceleration Clause: The Acceleration Clause is a specific type of New York Default Clause that allows the non-defaulting party to demand immediate payment or performance of the entire contract in case of default. This clause is often included in financial agreements or loan contracts and gives the lender the right to accelerate the repayment schedule if the borrower fails to meet their payment obligations. 4. Cure Period Clause: The Cure Period Clause provides the defaulting party with a specified period of time to cure or rectify the default before the non-defaulting party can take further action. This clause is designed to give the defaulting party an opportunity to correct their mistake or breach of contract before facing more severe consequences. 5. Notice of Default Clause: The Notice of Default Clause requires the non-defaulting party to provide written notice to the defaulting party, informing them of their breach or failure to perform. This clause ensures that the defaulting party is aware of their violations and allows them a chance to cure before any legal actions or remedies are pursued. 6. Waiver Clause: The Waiver Clause addresses the potential waiver of default remedies by either party. It specifies that failure to enforce a remedy on one occasion does not imply a waiver of that remedy in the future. This clause ensures that the non-defaulting party retains the right to enforce remedies even if they have not been enforced previously. It is crucial to consult with legal professionals familiar with New York law when drafting or reviewing contracts that include clauses relating to defaults and default remedies. Understanding the specific types of New York clauses and their implications is crucial to protecting the rights and obligations of all parties involved.
New York Clauses Relating to Defaults, Default Remedies
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Notice and right to cure clause samples. VI. NOTICE AND RIGHT TO CURE. Each party shall be entitled to written notice of any default and shall have: (i)five (5) days from receipt of such notice to cure a failure to close the purchase of the Property or provide the insurance requirements specified in Section2.
Default Remedies means all rights and remedies of any Secured Party in respect of any Common Collateral, whether arising pursuant to the DIP Credit Agreements, the Collateral Documents, the Orders or applicable law, the exercise of which is contingent upon the occurrence and continuation of an Event of Default (as ...
The Agreement has several available remedies for the buyer and seller in the event of default. The options include (1) declaring the Agreement null and void, (2) termination of the Agreement, (3) specific performance, and (4) stipulated damages.
The legal right to cure is a principle founded in contract law that allows one party in a contract, who has defaulted under a contract provision, to remedy their default by taking steps to ensure compliance or otherwise, cure the default.
How can an event of default be cured? Agreements typically allow the defaulting party an opportunity to cure or remedy the default within a certain period before negative consequences apply. The grace period could be days, weeks, or longer, and some agreements allow for a maximum number of cures.
A ?default? is a failure to comply with a provision in the lease. ?Curing? or ?remedying? the default means correcting the failure or omission. A common example is a failure to pay the rent on time.
When a Default occurs, the breaching Party may have a specific time period to Cure the Default before the non-breaching Party is allowed to exercise Remedies. The non-breaching Party may need to give Notice of the Default to the breaching Party to initiate the Cure Period.
A ?default? is a failure to comply with a provision in the lease. ?Curing? or ?remedying? the default means correcting the failure or omission. A common example is a failure to pay the rent on time.