Common use of New or Changed Clause in Contracts

New or Changed. Regulations – In the event that at any time and from time to time during the Term of the Agreement any Regulations are changed or new Regulations become effective, whether by law, decree, or regulation or by response to the insistence or request of any governmental or public authority or any person purporting to act therefore, and the material effect of such changed or new Regulation (a) is not covered by any other provision of the Agreement, and (b) has a material adverse economic effect upon either Party, the affected Party shall have the option to request renegotiation of the pertinent terms in the Agreement. The said option may be exercised by the affected Party at any time after such changed or new Regulation is promulgated, by written notice of desire to renegotiate, such notice to contain the new terms desired by the affected Party. The notification given by the affected Party, will not entitle such Party to suspend its obligations hereunder. If the Parties do not agree upon new terms within thirty (30) Days after the affected Party gives such notice, the affected Party shall have the right to terminate the Agreement at the end of the said thirty-day period. Any Product lifted during such thirty-day period shall be sold and purchased under the terms applying hereunder without any adjustment in respect of the new or changed Regulations concerned.