termination for default definition

termination for default

Standard contract clause which gives a customer the right to unilaterally terminate the contractor if the contractor fails to perform according to the specified terms. The contractor is generally not entitled to any payment for the unfinished part of the contract and, instead, may be liable for (1) repayment of monies advanced, (2) liquidated and other damages, and (3) excess cost incurred by the customer in completing the contract under a new contractor. See also termination for convenience.

termination for default is in the Agreements & Contracts, Corporate, Commercial, & General Law and Purchasing & Procurement subjects.

termination for default appears in the definition of the following term: termination

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