A Default Clause is a contractual provision that states what should happen if one of the parties involved does not fulfill their obligations. This clause is usually included in a contract to ensure that all parties are held accountable for their actions. Default Clauses can include a variety of remedies, such as specific performance, liquidated damages, or termination of the contract. There are three main types of Default Clause: Specific Performance, Liquidated Damages, and Termination. Specific Performance is a remedy that requires a party to fulfill their obligations as outlined in the contract. Liquidated Damages are a predetermined amount of money to be paid should one of the parties default on their obligations. Termination is a remedy that allows the non-defaulting party to terminate the contract if the other party does not meet their contractual obligations.
Default Clause
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Example of clause regarding Default, and the acts or occurrences causing default of the lease. A default clause is a provision in a legal contract that states what will happen if either party in a contract defaults or fails to hold up their end of the agreement.
A Default Clause is a contractual provision that states what should happen if one of the parties involved does not fulfill their obligations. This clause is usually included in a contract to ensure that all parties are held accountable for their actions. Default Clauses can include a variety of remedies, such as specific performance, liquidated damages, or termination of the contract. There are three main types of Default Clause: Specific Performance, Liquidated Damages, and Termination. Specific Performance is a remedy that requires a party to fulfill their obligations as outlined in the contract. Liquidated Damages are a predetermined amount of money to be paid should one of the parties default on their obligations. Termination is a remedy that allows the non-defaulting party to terminate the contract if the other party does not meet their contractual obligations.
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