What contract provision states that if one party defaults on the contract, they will be responsible for paying the full brokerage fee?

The provision that states if one party defaults on the contract, they will be responsible for paying the full brokerage fee is typically referred to as the Default/Legal remedies clause. This clause is essential in protecting the interests of the brokerage in the event that one party fails to uphold their obligations as outlined in the contract.

When a party defaults, usually by not completing their required actions or fulfilling their part of the agreement, this provision comes into play, allowing the non-breaching party, often the brokerage, to seek compensation for losses incurred, including the full brokerage fee. It serves as a deterrent against defaulting and ensures that parties are held accountable for their commitments, promoting a fair and stable transactional environment.

The other options, while relevant in different contexts, do not specifically address the issue of responsibility for paying brokerage fees in cases of default. Liquidated damages refer to pre-determined amounts to be paid upon default but do not inherently address brokerage fees. A termination clause typically outlines the conditions under which a contract can be ended but is not focused on default ramifications. Force majeure deals with unforeseen events that may prevent contract fulfillment, rather than implications of non-performance.