District of Columbia Clauses Relating to Defaults, Default Remedies
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FAQ
Provisions define the terms, conditions, and clauses in a contract that enable you to understand its expectations and limitations. Also, since a contract is a legally binding document, the provisions in the contract determine your legal right and obligations.
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. These clauses can be found in any type of contract including loan agreements, lease agreements, and property agreements.
A Termination for Default is the complete or partial termination of a contract because of a contractor's actual or anticipated failure to meet its contractual obligations. A Termination for Cause is the term used for a Termination for Default in a FAR PT 12 contract for the acquisition of commercial items.
In the legal context, a provision is a stipulation within a legal document or in a specific law. This can also be known as a clause, contract clause, or contract provision. However, in accounting, provisions refer to any profits allocated for a specific purpose or expense.
What Is the Difference Between a Contract Provision and Clause? A provision in a contract stipulates a condition or requirement. A clause is a section or subsection written into a contract, which may contain one or more provisions within it.
Each provision or clause in subpart 52.2 is prescribed at that place in the FAR text where the subject matter of the provision or clause receives its primary treatment. The prescription includes all conditions, requirements, and instructions for using the provision or clause and its alternates, if any.
A provision may correspond with a clause, may span several clauses or be contained wholly within a subclause. It is a feature of the contract itself: verbal contracts will have provisions but they will not have clauses. A condition is a set of circumstances that must arise before another action can occur.
Nine common default clauses exist in both bond and loan agreements: the declaration of insolvency, bankruptcy or reorganization (events of bankruptcy clause), the failure to pay principals (principal payment clause), the failure to deliver interest payments (interest payment clause), the breach of covenants (covenant ...