Step-Out. An Additional Obligor may, at any time, by giving not less than sixty days prior written notice to the Contractor terminate its obligations to the Contractor under the Construction Contract, in which event such Additional Obligor shall, upon the expiry of such notice, cease to be a party hereto and to the Construction Contract and shall be released from all obligations hereunder and under the Construction Contract except for any obligation which has arisen on or before the expiry of such notice. PART 5 NOVATION
Appears in 2 contracts
Sources: Engineering, Design, Procurement, Construction Agreement (Mercer International Inc), Contract for Engineering, Design, Procurement, Construction, Erection and Start Up of a Kraft Pulp Mill (Mercer International Inc)