Common use of Extension and Termination Clause in Contracts

Extension and Termination. 4.1. The contract can be concluded for a longer Contract period. After the expiration of the Contract Period, the contract will be tacitly renewed for a period of one month, unless Parties have agreed otherwise in writing at least one month before the end of the Contract period. The renewed contract is continued under the same conditions unless Parties have deviated therefrom in writing. 4.2. Parties are entitled to terminate this contract at all times during the interim, subject to a notice period of one (1) month. Notice of termination will each time be given in writing. 4.3. By way of derogation from the provisions in the preceding paragraph of this article, the Parties can terminate this agreement with immediate effect without giving reasons if: A) the other party is declared bankrupt; B) the other party is granted (provisional) suspension of payment; C) the company of the other party is dissolved or liquidated; D) prejudgment attachment or attachment in execution has been effected with regard to a substantial part of movable and/or immovable property or any other type of property of one of the Parties. 4.4. Each of the Parties has the right to terminate this agreement with immediate effect and without judicial intervention if the other party materially fails to fulfill its obligations and does not, after being notified in writing, fulfill its obligations within five working days of dispatch of this notice.