Common use of EFFECTIVE DATE; DURATION; TERMINATION Clause in Contracts

EFFECTIVE DATE; DURATION; TERMINATION. (1) This Agreement shall come into effect after both parties have signed it (“Effective date”), and shall initially remain in effect until Dec. 31st, 2009 (“Expiration Date”), unless the Parties agree on an extension prior to the Expiration Date. (2) If the PURCHASER becomes insolvent or bankrupt or breaches a provision of this Agreement and does not remedy such breach within thirty (30) calendar days of written notice by the VENDOR, the VENDOR may terminate this Agreement in whole or in part effective thirty (30) calendar days after said notice was given. If the VENDOR becomes bankrupt or insolvent or breaches a material provision hereof and does not commence to remedy such breach within thirty (30) calendar days of being given written notice by the PURCHASER, the PURCHASER may terminate this Agreement in whole or in part effective thirty (30) calendar days after such notice was given. (3) In regard to any orders already been made by PURCHASER before the expiration or termination of this Agreement, this Agreement shall fully remain in effect beyond the respective expiration or termination date. The foregoing shall not apply, if the Agreement is terminated by VENDOR due to PURCHASER’s bankruptcy or insolvency.

EFFECTIVE DATE; DURATION; TERMINATION. (1) This Agreement shall come into effect after both parties have signed it (“Effective date”), and shall initially remain in effect until Dec. 31st, 2009 (“Expiration Date”), unless the Parties agree on an extension prior to the Expiration Date. (2) If the PURCHASER becomes insolvent or bankrupt or breaches a provision of this Agreement and does not remedy such breach within thirty (30) calendar days of written notice by the VENDOR, the VENDOR may terminate this Agreement in whole or in part effective thirty (30) calendar days after said notice was given. If the VENDOR becomes bankrupt or insolvent or breaches a material provision hereof and does not commence to remedy such breach within thirty (30) calendar days of being given written notice by the PURCHASER, the PURCHASER may terminate this Agreement in whole or in part effective thirty (30) calendar days after such notice was given. (3) In regard to any orders already been made by PURCHASER before the expiration or termination of this Agreement, this Agreement shall fully remain in effect beyond the respective expiration or termination date. The foregoing shall not apply, if the Agreement is terminated by VENDOR due to PURCHASER’s Purchasers bankruptcy or insolvency.