Events of Default - OSLA Provision: Difference between revisions
Jump to navigation
Jump to search
Amwelladmin (talk | contribs) Created page with "{{subst:oslap|12}}" |
Amwelladmin (talk | contribs) |
||
Line 1: | Line 1: | ||
{{oslasnap|12}} | {{oslasnap|12}} | ||
====Commentary==== | ====Commentary==== | ||
Note by contrast to the {{isdama}} the {{oslaprov|Event of Default}} is only an Event of Default upon written notice to the other party - in the {{isdama}} it is an {{oslaprov|Event of Default}} in itself, and it gives rise to a non-defaulting party's right designate a termination event. A subtle difference but one which calls for a little bit of caution: | |||
For example, a party may have failed to pay or deliver - if you want to simply remind the defaulting party to make the payment without inadvertently triggering a termination, you need to be careful about how you do that so as to not trigger! | |||
====Related Provisions==== | ====Related Provisions==== |