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Failure to Deliver
Failure to Deliver contract clause examples

Failure to Deliver Option Shares. If the Participant fails or refuses to deliver on a timely basis duly endorsed certificates representing Company Option Shares to be sold to [[Organization A:Organization]] or its assignee pursuant to this Section 15, [[Organization A:Organization]] or its assignee shall have the right to deposit the purchase price for such Company Option Shares in a special account with any bank or trust company, giving notice of such deposit to the Participant, whereupon such Company Option Shares shall be deemed to have been purchased by [[Organization A:Organization]] or its assignee, as the case may be. All such monies shall be held by the bank or trust company for the benefit of the Participant. All monies deposited with the bank or trust company but remaining unclaimed for two years after the date of deposit shall be repaid by the bank or trust company to [[Organization A:Organization]] on demand, and the Participant shall thereafter look only to [[Organization A:Organization]] for payment.

Failure to Deliver Option Shares. If the Employee fails or refuses to deliver on a timely basis duly endorsed certificates representing Company Option Shares to be sold to [[Organization A:Organization]] or its assignee pursuant to this Section 15, [[Organization A:Organization]] or its assignee shall have the right to deposit the purchase price for such Company Option Shares in a special account with any bank or trust company, giving notice of such deposit to the Employee, whereupon such Company Option Shares shall be deemed to have been purchased by [[Organization A:Organization]] or its assignee, as the case may be. All such monies shall be held by the bank or trust company for the benefit of the Employee. All monies deposited with the bank or trust company but remaining unclaimed for two years after the date of deposit shall be repaid by the bank or trust company to [[Organization A:Organization]] on demand, and the Employee shall thereafter look only to [[Organization A:Organization]] for payment.

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