When the city of Springfield, Mass., defaulted on a contract to supply power to LG&E, the utility was forced to pay high spot market rates for enough power to deliver to the Oglethorpe Power Company of Georgia.
He says Univision is in default of a five-year contract.
Sure, the experience meant I couldn't work in my chosen profession or remotely similar ones for over a year without potentially putting myself in default of the contract.
In 2009-2010, Wyoming's new computer testing program failed and the state demanded that Pearson repay $9.5 million for "complete default of the contract". In 2010, Florida test scores were delayed by more than a month and Pearson agreed to pay nearly $15 million in fines and in 2011 writing exams delivered to Florida school districts without cover sheets exposed topics on the test in advance.
On February 2 , 2004 the government delivered notice to 407 ETR that they are considered to be in default of their contract because of 407 ETR's decision to raise toll rates without first obtaining provincial clearance.
In case of a failure to perform such special contract, by the default of the party contracting to do the service, if the money is not due by the terms of the special agreement he is not entitled to recover for his labor, or for the materials furnished, unless the other party receives what has been done, or furnished, and upon the whole case derives a benefit from it.
In October, Governor Rowland declared Envirotest in default of the $2.2 million contract, citing several problems, including the arrest of seven employees on bribery charges.
The accounting adjustments are partly based on the prices of credit default swaps, derivatives contracts investors can buy to protect themselves against the default of a company.
Such a fight is looming.Credit derivatives are contracts under which one party insures another against the default of a debtor, or a bunch of debtors.
Since the counterparty of the replacement contract could also default within the lifetime of an existing contract, ignoring the possibility of counterparty defaults of replacement contracts will either under or over estimate the cost of the risk.
