![]() What’s also important is that when an event of default occurs, the parties have a legally binding document to leverage to try to resolve the issue and find a common ground. ![]() However, in real life, things may not always work as we intended them to.īy having contract default clauses, the parties can agree, in advance, on what may be considered a default allowing them to govern themselves in a way to avoid the consequences agreed between them. ![]() The main purpose and objective of default contract language is to provide certainty to both parties as to what may be considered a “default” but also define the procedures and processes that may apply when the event of default takes place.īusinesses and individuals sign contracts to execute their obligations in good faith.
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