The defaulting party shall be liable for all damage compensation.

违约方应当承担全部损害赔偿责任。

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While the defaulting party can obtain more benefit from its default than its performance, is there any necessity for the law to enforce the defaulting party to perform the contract?

当违约方从违约中获得的利益大于他向非违约方做出履行的期待利益时，法律是否有必要强制违约方实际履行？

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In the event of a breach of any of the provisions of this Agreement by one party, the other party may at its option cancel this Agreement forthwith by giving notice in writing to the defaulting party.

任何一方违反本协议任何条款时，另一方有权取消本协议并立即书面通知违约一方。

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Among other things, clearing improves transparency, makes it harder for counterparties to avoid stumping up the right amount of collateral and provides an insurance policy against losses to the non-defaulting party to a trade.

ECONOMIST: The risk in clearing-houses

And yet, we are to believe that a Republican party that was afraid of going over the fiscal cliff is totally fine with defaulting on the national debt?

FORBES: Move up http://i.forbesimg.com t Move down