Default Right definition: Copy, customize, and use instantly
Introduction
The term "Default Right" refers to a legal right that a party may exercise if another party fails to fulfill its obligations under a contract. It typically arises when there is a breach, failure to perform, or non-compliance with the agreed terms. Default rights may provide remedies such as termination of the contract, enforcement of penalties, or demands for compensation.
Below are various examples of how "Default Right" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Default Right" as a breach remedy
This definition connects the "Default Right" to a remedy that arises when a party breaches the contract.
"Default Right" refers to the legal right granted to a party to take action, such as terminating the contract or seeking damages, when the other party fails to fulfill its obligations or breaches the terms of the agreement.
Definition of "Default Right" as a contractual provision
This definition focuses on the contractual provision that outlines the right to act upon default.
"Default Right" means a clause in the contract that permits one party to enforce its rights or terminate the agreement if the other party defaults on its obligations.
Definition of "Default Right" as a termination clause
This definition ties the "Default Right" to the right to terminate the contract in case of default.
"Default Right" refers to the right to terminate the contract when one party fails to perform its duties or violates specific terms outlined in the agreement.
Definition of "Default Right" as a claim for damages
This definition links "Default Right" to the right to claim damages when there is a default.
"Default Right" means the right of the non-defaulting party to claim damages or financial compensation for losses incurred as a result of the other party's default.
Definition of "Default Right" as a remedy for non-performance
This definition connects the "Default Right" to the failure to perform under a contract.
"Default Right" refers to the legal right to seek specific performance, termination, or other remedies when one party fails to perform its obligations as set forth in the contract.
Definition of "Default Right" as an enforcement mechanism
This definition ties the "Default Right" to an enforcement mechanism after a default occurs.
"Default Right" refers to the entitlement of the non-defaulting party to enforce the contract through legal action, such as requiring performance or applying penalties after the other party defaults.
Definition of "Default Right" as a breach consequence
This definition links the "Default Right" to the consequences of a breach.
"Default Right" means the right granted to a party to take corrective or legal action, such as terminating or renegotiating the contract, when the other party defaults on its contractual obligations.
Definition of "Default Right" as a termination and enforcement right
This definition connects the "Default Right" to both termination and enforcement.
"Default Right" refers to the right of the non-defaulting party to either terminate the agreement or take legal action to enforce the contract if the other party defaults.
Definition of "Default Right" as a consequence of non-compliance
This definition ties the "Default Right" to the non-compliance of a party with the agreement.
"Default Right" means the right of one party to take specified actions such as invoking penalties or terminating the agreement due to non-compliance with the terms by the other party.
Definition of "Default Right" as a safeguard against breach
This definition highlights the "Default Right" as a safeguard for the non-defaulting party.
"Default Right" refers to the right of a party to protect its interests by invoking the contract’s breach clauses or remedies in case of the other party’s failure to perform as agreed.
Definition of "Default Right" as a remedy for delayed performance
This definition ties the "Default Right" to delayed performance under the contract.
"Default Right" means the right to seek damages, penalties, or terminate the agreement if the other party delays performance beyond the specified time frame.
Definition of "Default Right" as a legal recourse for non-performance
This definition connects the "Default Right" to legal recourse when a party fails to perform.
"Default Right" refers to the legal recourse available to the non-defaulting party to either enforce the contract or terminate it if the other party fails to meet its performance obligations.
Definition of "Default Right" as a contractual safeguard
This definition associates the "Default Right" with contractual protections against default.
"Default Right" means the contractual right to address or remedy a default through enforcement actions, claims for damages, or contract termination.
Definition of "Default Right" as an automatic right after default
This definition ties the "Default Right" to an automatic right triggered by default.
"Default Right" refers to the automatic legal right a party gains upon the other party’s default, allowing them to seek remedy through termination or other prescribed actions.
Definition of "Default Right" as a right of enforcement
This definition connects the "Default Right" to a right of enforcement after a default.
"Default Right" means the right to enforce the terms of the contract and seek remedies such as damages or termination when the other party defaults on its obligations.
Definition of "Default Right" as a breach of contract remedy
This definition links "Default Right" to remedies available in the event of a breach of contract.
"Default Right" refers to the right to remedy a breach of contract, which may include penalties, specific performance, or termination, depending on the terms of the agreement.
Definition of "Default Right" as a right to demand performance
This definition ties the "Default Right" to the right to demand specific performance when default occurs.
"Default Right" means the right to demand specific performance or seek other legal remedies if the other party defaults on the agreed-upon obligations.
Definition of "Default Right" as a contract enforcement measure
This definition associates the "Default Right" with enforcing a contract after a default.
"Default Right" refers to a measure within the contract that allows the non-defaulting party to enforce its terms and conditions through legal action after a breach or failure to perform.
Definition of "Default Right" as an action in case of contract violation
This definition connects the "Default Right" to actions taken when a contract is violated.
"Default Right" means the right to take action, such as invoking contract remedies or terminating the agreement, following a violation of the contract by the other party.
Definition of "Default Right" as a safeguard against non-compliance
This definition ties the "Default Right" to the protection against non-compliance with the agreement.
"Default Right" refers to the right to take immediate action in response to non-compliance, including seeking damages or terminating the contract.
Definition of "Default Right" as an immediate remedy
This definition associates the "Default Right" with the immediate action a party can take after a default.
"Default Right" means the immediate right to enforce the contract or seek damages when the other party defaults or breaches its obligations.
Definition of "Default Right" as a penalty enforcement
This definition links the "Default Right" to the enforcement of penalties due to default.
"Default Right" refers to the right to impose penalties, seek damages, or terminate the contract following a default by the other party.
Definition of "Default Right" as an action for non-performance
This definition ties the "Default Right" to actions taken when the other party fails to perform.
"Default Right" means the right to take corrective action, including terminating or renegotiating the contract, if the other party fails to meet performance requirements.
Definition of "Default Right" as a contract termination provision
This definition connects the "Default Right" to contract termination provisions.
"Default Right" refers to the contractual right to terminate the agreement if the other party defaults by failing to meet its obligations.
Definition of "Default Right" as a remedy upon default
This definition links "Default Right" to the remedies available when a default occurs.
"Default Right" refers to the right of a creditor to exercise remedies such as acceleration, termination, or demand for payment upon the occurrence of a default by the debtor.
Definition of "Default Right" as a contractual provision
This definition connects "Default Right" to specific clauses in a contract.
"Default Right" means the contractual right granted to a party to take corrective actions or demand fulfillment of obligations if the other party fails to meet agreed terms.
Definition of "Default Right" as a trigger for enforcement
This definition ties "Default Right" to the enforcement mechanism triggered by a default event.
"Default Right" refers to the right that allows a lender or creditor to initiate legal actions or enforcement procedures following a material default.
Definition of "Default Right" as a breach of agreement
This definition connects "Default Right" to a breach of contract or agreement.
"Default Right" means the legal right triggered by the failure to perform according to the terms of an agreement or failure to meet the stipulated conditions.
Definition of "Default Right" as a financial penalty
This definition links "Default Right" to financial consequences following default.
"Default Right" refers to the right of a creditor to impose financial penalties, such as interest hikes or additional charges, when a default occurs under the terms of a loan or financial agreement.
Definition of "Default Right" as the ability to terminate the contract
This definition ties "Default Right" to the termination of a contract due to default.
"Default Right" refers to the right of a party to terminate or cancel an agreement or contract if a default event, as specified in the agreement, occurs.
Definition of "Default Right" as an acceleration clause
This definition connects "Default Right" to the acceleration of payment obligations.
"Default Right" means the ability of the lender to accelerate the loan repayment schedule, demanding full payment immediately upon the occurrence of a default event.
Definition of "Default Right" as a right to seek redress
This definition ties "Default Right" to the right of a party to seek redress or compensation.
"Default Right" refers to the right to seek compensation, damages, or legal redress when the other party fails to meet its contractual obligations, resulting in a default.
Definition of "Default Right" as a protective measure
This definition links "Default Right" to a protective clause in an agreement.
"Default Right" refers to the protective right granted to a party to safeguard its interests in the event that the other party defaults on its obligations.
Definition of "Default Right" as the ability to call in a guarantee
This definition connects "Default Right" to the ability to demand a guarantee if the principal party defaults.
"Default Right" means the ability to call in or demand payment from a guarantor or third-party security upon the occurrence of a default under the primary agreement.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.