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48. <br />49 <br />- Reason for Credit <br />- Amount of credit issued <br />A. Any of the following shall constitute cause to declare the contract or any <br />order under this contract in default: <br />(1) Nonperformance of contractual requirements; or <br />(2) A material breach of any term or condition of this contract. <br />B. A written notice of default, and an opportunity to cure, shall be issued by <br />the party claiming default, whether the lead state (in the case of breach of <br />the entire agreement), a participating state (in the case of a breach of the <br />participating addendum), the purchasing entity (with respect to any order), <br />or the contractor. Time allowed for cure shall not diminish or eliminate <br />any liability for liquidated or other damages. <br />C. If the default remains after the opportunity for cure, the non - defaulting <br />party may: <br />(1) Exercise any remedy provided by law or equity; <br />(2) Terminate the contract or any portion thereof, including any orders <br />issued against the contract; <br />(3) Impose liquidated damages, as specified in the solicitation or contract; <br />(4) In the case of default by the contractor, and to the extent permitted by <br />the law of the Participating State or Purchasing Entity, suspend contractor <br />from receiving future solicitations. <br />A. The contractor agrees to assist the agreement administrator or designee <br />with web site product and pricing audits based on mutually acceptable <br />procedures. <br />B. The contractor agrees to assist participating states with invoice audits to <br />ensure that the contractor is complying with the agreement in accordance <br />with mutually agreed procedures set forth in the participating addendum. <br />18 <br />