Common use of Exit Criteria Clause in Contracts

Exit Criteria. The contract/order may be terminated under the following circumstances: (a) In the event of unsatisfactory performance by the Seller during the contract period, or any of the information provided by the Seller is found to be untrue, or Seller is found to have attempted to influence any person involved with the contract through unethical means, the contract shall be terminated with month’s advance notice without any financial implication to Buyer. Notwithstanding, the foregoing, in cases where it is found that a Seller is engaged in unethical practices, the same shall be barred from participating in the future contracts for a period of years. (b) If there is change in Buyer requirement, contract shall be terminated with months advance notice. The liability of Buyer in this case will be agreed mutually. In the event of termination of contract by either party the Seller shall ensure following: - i) IPR’s are transferred to Buyer to enable ▇▇▇▇▇ to proceed on the work with other Seller. Seller also will render all assistance till the other Seller fully take over the balance work. ii) Transfer title and deliver all or any part thereof of the supplies, materials, work-in progress, finished Products, Tooling, drawings and data produced or acquired by Seller specifically for the Product being terminated. iii) Supply of products and its components / spares at least for a period of years from the date of such termination. (c) The Seller is declared bankrupt or becomes insolvent. (d) The delivery of material is delayed due to causes of Force Majeure by more than (months). (e) Based on the decision of the Arbitration Tribunal.

Exit Criteria. The contract/order may be terminated under the following circumstances: (a) In the event of unsatisfactory performance by the Seller during the contract period, or any of the information provided by the Seller is found to be untrue, or Seller is found to have attempted to influence any person involved with the contract through unethical means, the contract shall be terminated with month’s advance notice without any financial implication to Buyer. Notwithstanding, the foregoing, in cases where it is found that a Seller is engaged in unethical practices, the same shall be barred from participating in the future contracts for a period of years. (b) If there is change in Buyer requirement, contract shall be terminated with months advance notice. The liability of Buyer in this case will be agreed mutually. In the event of termination of contract by either party the Seller shall ensure following: -following:- i) IPR’s are transferred to Buyer to enable ▇▇▇▇▇ to proceed on the work with other Seller. Seller also will render all assistance till the other Seller fully take over the balance work. ii) Transfer title and deliver all or any part thereof of the supplies, materials, work-in progress, finished Products, Tooling, drawings and data produced or acquired by Seller specifically for the Product being terminated. iii) Supply of products and its components / spares at least for a period of years from the date of such termination. (c) The Seller is declared bankrupt or becomes insolvent. (d) The delivery of material is delayed due to causes of Force Majeure by more than (months). (e) Based on the decision of the Arbitration Tribunal.