default
1In default of the fulfillment of contract by either party (i.e. if either party fails to carry out its obligations under this contract), the following provisions shall apply:
A. The party other than the defaulter shall, at its discretion, have the right, after giving written notice to the defaulter, to sell or purchase, as the case may be, against the defaulter and such sale or purchase shall establish the default price.
B. If either party be dissatisfied with such default price or if the right at A) is not exercised and damages cannot be mutually agreed, then the dispute of damages shall be settled by arbitration.
C. The damages payable shall be limited to the difference between the contract price and either the default price established under A) above, or upon the actual or estimated value of the cane molasses on the date of default established under B) above. However, if the arbitrators consider the circumstances of the default justify it, they may, at their absolute discretion, award additional damages.
D. Damages, if any, shall be computed on the quantity declared, but if no such quantity has been declared, then on the mean contract quantity and any option available to either party shall be deemed to have been exercised accordingly in favour of the mean contract quantity.
13. Insolvency:
In case of :
A. Bankruptcy, voluntary or involuntary, or insolvency or moratorium of payments or appointments of a receiver for any of the properties or asset of either party, or:
B. The liquidation, dissolution or winding up of either party, or:
C. Any equivalent event or occurrence relating to insolvency which occurs or is suffered by either party in any jurisdiction,
the other party may, after giving one (1) Business Day’s written notice, either repurchase or resell the appropriate quantity of contractual material and/or may cancel the contract and recover the market loss incurred, costs
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