Crystallex International

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Re: contract breach

over 13 years ago

in response to bmh's message

"Thanks to Prezone for providing us with paragraph 13 of the agreement. I don't know if this is the paragraph that VZ relied on to terminate the agreement, but I sure hope it is because VZ actions were not in harmoney with this paragraph. A correct reading of this paragraph provides that if a party is in breach of the contract, the other party must give notice of the breach to the other side and then that party would have 90 days to cure the breach. If the breach is not cured in those 90 days then the other party can terminate the agreement. VZ never gave any notice whatsoever to KRY."

Wonder whether what happened Friday was the giving of the 90 day notice, wrongly described or interpreted in the local "press" to mean "it's over now".