Dissolution and Cancellation Sample Clauses
The Dissolution and Cancellation clause outlines the procedures and requirements for formally ending and winding up a business entity, such as a partnership or limited liability company. It typically specifies the steps for dissolving the entity, including settling debts, distributing remaining assets, and filing necessary documents with state authorities. This clause ensures that the termination of the business is conducted in an orderly and legally compliant manner, thereby protecting the interests of all parties involved and preventing future disputes.
Dissolution and Cancellation. The Company may be dissolved only upon the earlier of the following: (a) expiration of the Company's term or (b) a decision in writing by at least two-thirds of the members to dissolve the Company; or (c) as otherwise provided in the Act. After the Company has completed winding up its affairs and upon the filing with the State of Delaware of a Certificate of Cancellation the Company shall cease to carry on its business.
Dissolution and Cancellation. A fixed-term agreement cannot be terminated prematurely. If the Client nevertheless does so, it must pay the fees based on the full term of the agreement, as well as any costs already incurred in connection therewith.
Dissolution and Cancellation. 13.1. If the buyer wants to cancel an order already given or dissolves the agreement concluded between the parties, it shall be obliged to pay BEDU a compensation of 30% of the net invoice value within 30 days after cancellation or dissolution of the order, to cover costs made and profit lost by BEDU.
13.2. Apart from the compensation as mentioned in the first paragraph of this article the buyer shall also, if there is any question of this, pay the price in proportion to the state of anything delivered at that time, to at most the price agreed between the parties for the good delivered or the service to be rendered.
13.3. BEDU shall always be entitled to dissolve the agreement without judicial interposition if, after notice of default in the matter, the buyer continues to fail to fulfil its obligations, has gone bankrupt, has applied for a suspension of payments or if the Act on Debt Consolidation for Natural Persons (WSNP) is declared applicable to the buyer.
Dissolution and Cancellation. 6.1. Notwithstanding the above-mentioned provisions regarding late payment interest and fixed compensation, the agreement will, if DOCKMATE so chooses, be dissolved automatically and without notice, subject to mere notification to the customer, at the expense of the customer.: - when the customer has not (timely) fulfilled his payment obligation or any other obligation with regard to DOCKMATE; - when the customer was declared bankrupt; - when the customer has requested a judicial settlement; - when the customer was placed in liquidation or his state of insolvency was established; - when the customer has applied for collective debt settlement; - when DOCKMATE's confidence in the customer's creditworthiness is shaken by acts of judicial execution at its expense and/or identifiable other events that question and/or make impossible the confidence in the proper execution of the customer's obligations; - when the (working) conditions on the site either pose a danger or make the performance of DOCKMATE's performance impossible. The agreement will then be dissolved at the expense of the customer, without prejudice to the right to replacement and/or additional compensation to DOCKMATE, if there are grounds for this. Such termination never gives the customer a right to compensation from DOCKMATE. Any advances already paid by the customer may be retained by DOCKMATE in the above- mentioned circumstances.
6.2. The customer may terminate the agreement at the expense of DOCKMATE in the event of serious, attributable non-compliance by DOCKMATE with its obligations which continues after the expiry of one month after written notice of execution by the customer and insofar as the customer has no payment arrears in the past. The customer is prohibited from extrajudicial replacement of DOCKMATE.
6.3. Any cancellation of a confirmed order must be made in writing by electronic or registered mail and is only valid to the extent that it is accepted by DOCKMATE. In any case, a lump sum compensation of 50% of the price stated on the order confirmation is due.
Dissolution and Cancellation. 8.1 The customer shall be deemed to be in default if he fails to fulfil any of his obligations under the agreement or fails to do so on time, as well as if the customer fails to comply with a written reminder to comply in full within a set reasonable period of time.
8.2 In the event of default on the part of the customer, the user shall be entitled, without any obligation to pay damages and without prejudice to its rights, to dissolve the agreement in whole or in part by means of a written notification to that effect addressed to the customer and/or to immediately claim the entire amount owed by the customer to the user and/or to invoke retention of title.
8.3 The user is authorised to dissolve the agreement with immediate effect if the customer applies for postponement of payments or bankruptcy or if all or part of its assets are seized. All invoiced amounts shall then become immediately due and payable. The user will never be liable to pay any compensation due to this termination.
8.4 The order can only be cancelled or modified after written consent of the user.
8.5 If the order is cancelled or modified after an agreement is concluded between the customer and the user, the customer owes the user a cancellation fee to be determined by the user. This cancellation fee shall cover all costs reasonably incurred by the user with a view to the execution of the order, loss of profit and other damage.
8.6 No cancellation or changes can, in any case, be made to the order in the period after the delivery date. In that case, the user will charge a 30% cancellation fee of the order value, plus VAT.
8.7 The customer shall not be entitled to dissolve the agreement in whole or in part, unless The Reading Company B.V. fails in its obligations under the agreement concluded.