Thursday, August 28, 2008

Termination of Contract

There have been a few questions about what happens if the city can't meet its $1 million a year payment to SIUC for Saluki Way. I got curious so here's what section 7 says:

Termination

Either party may cancel the contract in the event of a default. For purposes of this contract, "event of default" means 1) a breach of any material provision of this agreement, 2) failure to pay any amount due within 10 days of its due date 3) the breach of any representation or warranty, or 4) any voluntary petition by or involuntary petition against either party shall be filed pursuant to any chapter of any bankruptcy code or either party shall make an assignment for the benefit of creditors, or there shall be any other marshaling of the assets and liabilities of either party for the benefit of such party's creditors.

In the event of a default, the non-defaulting party shall notify the defaulting party of the event of default. The defaulting party shall remedy the breach within 10 calendar days. If the default is not remedied in 10 calendar days, the non-defaulting party may cancel the contract by giving 30 days notice in writing of its intention to cancel this contract.

Nothing herein is intended to prevent the non-breaching party from seeking any remedy available to it, including but not limited to specific performance of this agreement.

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