If any party defaults ( "defaulting party"), the other ( "observant") have the right to written notice required to correct its noncompliance within the specified time limit ( "grace period"), and to take full, effective and timely measures to eliminate the consequences of default, and bear the liability; such as the defaulting party refused or failed to be observant of correct its noncompliance within the grace period, the observant party the right to terminate this agreement, require the defaulting party compensate all observant loss.
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