Vermont Clauses Relating to Defaults, Default Remedies
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FAQ
In legal theory, a default rule is a rule of law that can be overridden by a contract, trust, will, or other legally effective agreement. Contract law, for example, can be divided into two kinds of rules: default rules and mandatory rules.
Default means any condition or event that, with the giving of notice or the lapse of time or both, would constitute an Event of Default. Default means any event or condition which upon notice, lapse of time or both would constitute an Event of Default.
General contract provisions are requirements including standard conditions in contracts like terms of payment, terms of delivery, and recommended measures against contract violation. Parties usually add boilerplate conditions to their contracts for the following reasons: For increased efficiency.
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.
Most contracts have a default provision. The default provision sets forth the conditions under which one of the parties will not have fulfilled its obligations under the contract. For example, failing to deliver goods or services on time, or failing to pay on time would trigger a default.
Events of default are common in loan agreements or debt instruments. An event of default entitles the lender to cancel the facility and/or declare all amounts owing by the borrower to be immediately due and payable.
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.