Duration Termination and Default Sample Clauses
The 'Duration, Termination and Default' clause defines the period during which the agreement is in effect, the conditions under which it can be ended, and the consequences of failing to meet contractual obligations. Typically, this clause specifies the start and end dates of the contract, outlines procedures for early termination by either party, and details what constitutes a default, such as non-payment or breach of terms. Its core function is to provide clear guidelines for the lifespan of the agreement and to manage the risks associated with non-performance or early exit, ensuring both parties understand their rights and responsibilities if issues arise.
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Duration Termination and Default. 3.1 The term of this Agreement will commence on the Effective Date (February 1st 2012) ending February 1st 2014. Ongoing work past the term ending July 1st 2012 will adhere to this agreement as outlined.
3.2 Notwithstanding Section 3.1, this Agreement may be terminated at any time.
(a) by the Company at any time by giving the Consultant written notice of such termination at least thirty (30) days prior to the termination date set forth in such written notice;
(b) by the Consultant at any time by giving the Company written notice of such termination at least thirty (30) days prior to the termination date set forth in such written notice;
(c) by the Company upon the death of the Consultant;
(d) by the Company, without notice or payment in lieu of notice, immediately upon the occurrence of any of the following events:
(i) the Consultant filing a voluntary petition in bankruptcy, or is adjudicated as bankrupt or insolvent,
(ii) the Consultant being convicted of a criminal offence,
(iii) the Consultant committing any fraudulent, dishonest or grossly negligent act or any wilful malfeasance in connection with the performance of the Services,
(iv) the Consultant failing to perform any of the Services in the manner or within the time required herein, or committing or permitting a breach of, or default in, any of his duties or obligations hereunder, and failing to cure such breach within a period of fourteen (14) days after provision of written notice of such failure to perform, breach or default by the Company, or
(v) the Company, acting reasonably, determining that the Consultant has acted or is acting in a manner detrimental to the Company, or has violated the confidentiality of any Confidential Information as provided for in this Agreement.
3.3 Upon termination of this Agreement, the Consultant shall promptly deliver the following in accordance with the directions of the Company:
(a) a final accounting; and
(b) all documents pertaining to the Company or this Agreement, including but not limited to, all books of account, correspondence and contracts.
3.4 The Consultant shall not, at any time after the termination of this Agreement, represent himself as being in any way connected with or interested in the business of the Company.
Duration Termination and Default. 4.1 Effective Date This Agreement shall become effective as of the day of February, 2000, and shall continue on subject to termination as provided for herein.
Duration Termination and Default. A.1. is hereby deleted in its entirety and replaced with the paragraph below: “This Agreement begins on the Effective Date and continues until February 23, 2024, unless sooner terminated or extended in accordance with the terms of this Agreement. This Agreement will automatically renew for an additional three (3) year term unless one Party gives the other Party written notice of non-renewal no later than seven (7) months prior to the expiration date of the initial term. The initial term and any renewal term of this Agreement are referred collectively as the “Term”.”
Duration Termination and Default. 4.1 Effective Date This Agreement shall become effective as of the 30th day of October, 1999 (the "Effective Date"), and shall continue on for a period of two (2) years from the Effective Date or until terminated pursuant to the terms of this Agreement.
4.2 Termination This Agreement may be terminated by either party by giving the other 30 days written notice of such termination provided that in circumstances where the Contractor would otherwise have been entitled to receive a payment pursuant to Section 3.1 herein within 30 days following termination of this Agreement the Company shall make such payment to the Contractor as if the Agreement had not been terminated.
Duration Termination and Default. 12.1 PERPETUAL DURATION OF THE COMPANY The duration of the Company shall be an initial term of (50) years from the date of issuance of its Commercial Registration Certificate with automatic renewal(s) for successive terms of (15) years each unless, at least one year before the expiration of any term, a Partner(s) owning at least 50% of the Company's shares notify the other Partner(s) of its intention to cause the liquidation of the Company. The Company will continue in existence
Duration Termination and Default. Duration, Termination, and Default subsection A. Duration 1. is hereby deleted in its entirety and replaced with the paragraph below “This Agreement begins on the Effective Date and continues until February 23, 2021, unless sooner terminated or extended in accordance with the terms of this Agreement. This Agreement will automatically renew for an additional three (3) year term unless, no later than July 23, 2020, one Party gives the other Party written notice of non-renewal. The initial term and any renewal term of this Agreement are referred collectively as the “Term”.”
Duration Termination and Default. 13.1 The Seller may at any time terminate this Agreement with 5 days notice.
13.2 An Event of Default shall occur if:
(a) any party fails to pay any sum due from it hereunder at the time, in the currency and in the manner specified herein, subject to a five (5) day grace period after notification;
(b) (in respect of the Seller) any representation or warranty made by the Seller in Clauses 10.1, 10.2 or 10.3 is or proves to have been materially incorrect or misleading when given;
(c) (in respect of the Initial Purchaser) any representation or warranty made by the Initial Purchaser in Clause 11 (Representations and Warranties of the Initial Purchaser) is or proves to have been materially incorrect when given;
(d) any party fails duly to perform or comply with any other obligation expressed to be assumed by it in this Agreement and such failure is not remedied within three days after the other party has given notice thereof to such party;
(e) any indebtedness of any party in an aggregate amount of at least EUR 1, 000, 000 (or equivalent in any other currency) is not paid when due, any such indebtedness is declared to be or otherwise becomes due and payable prior to its specified maturity, or any creditor or creditors become entitled to declare any such indebtedness due and payable prior to its specified maturity;
(f) any party is unable to pay its debts as they fall due, commences negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of its indebtedness, or makes a general assignment for the benefit of or a composition with its creditors;
(g) any party is subject to legal proceedings for an Insolvency Event, is dissolved or enters in liquidation, or an Insolvency Officer is appointed in relation to it, or any similar event occurs under the laws of any jurisdiction;
(h) any party takes any corporate or other action with a view to any of the events set out in the preceding paragraph;
(i) on the occurrence of the Termination Date or a Termination Event occurs under the Receivables Purchase Agreement;
(j) an Event of Default has occurred under the Loan Agreement (as defined thereunder);
(k) any material adverse change occurs in the financial position or the collection procedures of the Seller;
(l) there is a default by the Seller in respect of any of its payment obligations to third parties in aggregate in excess of USD 1,000,000 or its equivalent at any time; or
(m) the Seller is no longer a Subsidiary (directl...
Duration Termination and Default. 5.1 Effective Date -------------- This Agreement shall become effective as of the 31st day of July, 2000, and shall continue for a period ending the 31st day of July, 2002, subject to earlier termination as provided for herein.
5.2 Termination by the Company -------------------------- This Agreement may be terminated by the Company at any time without notice, in the event that:
(a) the Contractor files a voluntary petition in bankruptcy, or is adjudicated as bankrupt or insolvent; or
(b) the Contractor fails to perform any of his services in the manner or within the time required herein or commits or permits a material breach of or default in any of his duties or obligations hereunder and fails to cure such breach or default within 15 days of receipt of written notice of a demand.
Duration Termination and Default