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Events of Default - OSLA Provision: Difference between revisions
Events of Default - OSLA Provision (view source)
Revision as of 14:37, 22 January 2014
, 22 January 2014→Commentary
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====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==== | ||