Discipline and Termination Non Renewal Clause Samples
Discipline and Termination Non Renewal
Term and Termination 13.1 This Agreement shall be valid and enforceable from the date of this Agreement unless and until the occurrence of any of the following events: (a) either Party serves to the other Party at least 14 (fourteen) days’ prior written notice declaring its/his intention to terminate this Agreement; (b) a Party may terminate this Agreement by serving a written notice to the other Party: (i) if the defaulting Party breaches or has breached any provision of this Agreement, Terms & Conditions, violates or fails to comply with any Applicable Law or rules of the Source of Fund, and such breach has not been remedied within 7 (seven) days from the date of receipt of such notice. (ii) if a Party becomes insolvent, winding up, under any receivership order, bankrupt, business rehabilitation process, enter into any arrangement with its/his creditor(s); or (iii) there is any claim or suspension notice in relation to the Account given through Opn Payments by the Source of Fund or the Authority. 13.2 Opn Payments shall cease providing the Service to the Merchant and reserves its right to block the withdrawal or transfer function of the Merchant’s Account. The Merchant agrees that: (a) in case there is any Balance remaining in the Account after the effective date of termination, such remaining Balance may be, at its sole discretion of Opn Payments, safekept in the Account for up to 12 (twelve) months from the date of the last transaction and Opn Payments has the right to offset the Balance with any refund, Dispute, reversed payment or any other costs and expenses arising due to the Transaction Amount after termination; (b) in case the remaining Balance under Clause 13.2(a) is insufficient or there is no Balance remained in the Account, the Merchant shall, within 3 (three) Business Days, transfer the amount requested by Opn Payments to further handle with the any refund, Dispute, reversed payment or any other costs and expenses arising due to the Transaction Amount after termination. 13.3 The Merchant shall cease to use the other Party’s intellectual property or any other proprietary rights after the effective date of termination. 13.4 Termination under this Agreement shall not affect the right of either Party accruing prior to the date of termination. In the event that the termination of this Agreement is caused by the failure or breach of this Agreement of a Party, the non-defaulting Party shall be entitled to claim against the defaulting Party. 13.5 The obligations under Clause 2.4, 3.7, 3.8, 3.9(a), 3.9(b), 4, 5, 7, 10, 11 and 13 shall survive termination.
Termination of Agreement If this Agreement is terminated by the Representatives in accordance with the provisions of Section 5 or Section 9(a)(i) hereof, the Company shall reimburse the Underwriters for all of their out-of-pocket expenses, including the reasonable fees and disbursements of counsel for the Underwriters.
Termination In the event that either Party seeks to terminate this DPA, they may do so by mutual written consent so long as the Service Agreement has lapsed or has been terminated. Either party may terminate this DPA and any service agreement or contract if the other party breaches any terms of this DPA.
Termination for Cause If Vendor fails to materially perform pursuant to the terms of this Agreement, TIPS shall provide written notice to Vendor specifying the default. If Vendor does not cure such default within thirty (30) days, TIPS may terminate this Agreement, in whole or in part, for cause. If TIPS terminates this Agreement for cause, and it is later determined that the termination for cause was wrongful, the termination shall automatically be converted to and treated as a termination for convenience.
Termination for Convenience TIPS may, by written notice to Vendor, terminate this Agreement for convenience, in whole or in part, at any time by giving thirty (30) days’ written notice to Vendor of such termination, and specifying the effective date thereof.