Common use of Termination and Cancellation Clause in Contracts

Termination and Cancellation. 45.1. This Agreement shall be deemed to have been terminated if the Petroleum Exploration Licence granted to the Contractor pursuant to the Act and every Petroleum Production Licence granted to the Contractor under the Act and the terms of Article 16 of this Agreement has either expired or, under and in accordance with the Act and any relevant provision of this Agreement, been surrendered by the Contractor or cancelled by the Minister pursuant to the Act. 45.2. Pursuant to the Act, the Minister shall not terminate this Agreement and cancel the respective Licence(s) on the basis of default unless the Minister has, by notice served on the licensee, given not less than thirty (30) calendar days’ notice of such intention and the basis of default. In the notice the Minister shall specify a reasonable period, of not less than ninety (90) calendar days, before which the Contractor may submit a written response or remedy the default. 45.3. On termination of this Agreement, or cancellation or surrender of any Licence as aforesaid, the rights and obligations of the Parties shall cease by the termination; cancellation or surrender, but such termination; cancellation or surrender shall not affect any liabilities incurred by a Party before the date of termination; cancellation or surrender, and any legal proceedings that might have been commenced or continued against a Party may be commenced or continued against it. 45.4. The Minister may cancel a Licence pursuant to the Act in relation to any defaulting Party comprising the Contractor, and this Agreement shall be deemed to have been terminated solely with respect to said Party. The Minister may give non-defaulting Parties of the Contractor the opportunity to apply for a proportional redistribution of the working interest of the Party removed from the Licence and from this Agreement. Notwithstanding the above, nothing in this Article obliges the Minister to grant the interest of the defaulting Party to the other Parties in this Agreement. The Government reserves the right to retain the defaulting interest through a state-owned entity or offer it to third parties.

Termination and Cancellation. 45.146.1. This Agreement shall be deemed to have been terminated if the Petroleum Exploration Prospecting Licence granted to the Contractor pursuant to the Act and every Petroleum Production Licence granted to the Contractor under the Act and the terms of Article 16 of this Agreement has either expired or, under and in accordance with the Act and any relevant provision of this Agreement, been surrendered by the Contractor or lawfully cancelled by the Minister pursuant to the ActAct but save as aforesaid, shall continue in full force and effect so long as the Contractor continues to hold any of the said Licences. 45.246.2. Should any issue arise between the Parties as to whether the Contractor is in default and such issue cannot be amicably settled by consultation between the Parties and a dispute thereon is referred for resolution pursuant to Article 47, this Agreement and the said Licences shall continue in force pending resolution of such dispute. 46.3. Pursuant to the Act, the Minister shall not terminate this Agreement and cancel the respective Licence(s) on the basis of default unless the Minister has, by notice served on the licensee, given not less than thirty (30) calendar days’ days notice of such intention and the basis of default. In the notice the Minister shall specify a reasonable perioddate, of not less than ninety (90) calendar daysBusiness Days, before which the Contractor licensee may submit a written response or remedy the default. 45.346.4. On termination of this Agreement, or cancellation or surrender of any Licence as aforesaid, the rights and obligations of the Parties shall cease by the termination; cancellation or surrender, but such termination; cancellation or surrender shall not affect any right of action existing or liabilities incurred by a Party before the date of termination; cancellation or surrender, and any legal proceedings that might have been commenced or continued against a Party may be commenced or continued against it. 45.446.5. The Minister may cancel a Licence pursuant to the Act in relation to any defaulting Party comprising the Contractor, and this Agreement shall be deemed to have been terminated solely with respect to said Party. The Minister may give non-defaulting Parties of the Contractor the opportunity to apply for a proportional redistribution of the working interest of the Party removed from the Licence and from this Agreement. Notwithstanding the above, nothing in this Article obliges the Minister to grant the interest of the defaulting Party to the other Parties in this Agreement. The Government reserves the right to retain the defaulting interest through a state-owned entity or offer it to third parties.

Termination and Cancellation. 45.1Except to the extent noted below orders are not subject to cancellation or termination for convenience. (a) Buyer may terminate this contract upon sixty (60) days advance written notice to Seller. This Agreement Buyer may terminate orders, or portions of orders, upon written notice to Seller at least sixty (60) days prior to the scheduled delivery date. In each such event Buyer shall be deemed to have been terminated if liable for termination charges which shall include a price adjustment based on the Petroleum Exploration Licence granted to the Contractor pursuant to the Act quantity of goods actually delivered, and every Petroleum Production Licence granted to the Contractor under the Act all costs, direct or indirect, incurred and the terms of Article 16 of committed for this Agreement has either expired or, under contract together with a reasonable allowance for prorated expenses and in accordance with the Act and any relevant provision of this Agreement, been surrendered by the Contractor or cancelled by the Minister pursuant to the Actanticipated profits. 45.2. Pursuant to the Act, the Minister shall not terminate this Agreement and cancel the respective Licence(s(b) Unless otherwise specified on the basis of default unless the Minister hasface hereof, by notice served on the licensee, given not less all quantities must be released no more than thirty twelve (3012) calendar days’ notice of such intention months and the basis of default. In the notice the Minister shall specify a reasonable period, of not less shipments scheduled no more than ninety twelve (9012) calendar days, before which the Contractor may submit a written response or remedy the default. 45.3. On termination of this Agreement, or cancellation or surrender of any Licence as aforesaid, the rights and obligations of the Parties shall cease by the termination; cancellation or surrender, but such termination; cancellation or surrender shall not affect any liabilities incurred by a Party before months from the date of termination; cancellation or surrenderSeller's receipt of Buyer's initial purchase order, and any legal proceedings that might have been commenced or continued against a Party otherwise this contract may be commenced or continued against itterminated by Seller and Buyer shall be liable for termination charges as provided herein. 45.4. The Minister may cancel a Licence pursuant to (c) If either party defaults in performance of any material obligation hereunder and if any such default is not corrected within (60) sixty days after the Act in relation to any defaulting Party comprising party receive written notice thereof from the Contractor, and this Agreement shall be deemed to have been terminated solely with respect to said Party. The Minister may give non-defaulting Parties of party, then the Contractor the opportunity non defaulting party, at its option, may in addition to apply for a proportional redistribution of the working interest of the Party removed from the Licence and from any other remedies it may have, terminate this Agreement. Notwithstanding the above, nothing in agreement. (d) Either party may terminate this Article obliges the Minister to grant the interest of the defaulting Party agreement effective upon written notice to the other Parties party in this Agreement. The Government reserves the right event that the other part becomes the subject of voluntary or involuntary petition in bankruptcy or any proceeding related to retain insolvency, or composition for the defaulting interest through a state-owned entity benefit of creditors, if that petition or offer it to third partiesproceeding is not dismissed within (60) sixty days after filing.

Termination and Cancellation. ‌ 45.1. This Agreement shall be deemed to have been terminated if the Petroleum Exploration Licence granted to the Contractor pursuant to the Act and every Petroleum Production Licence granted to the Contractor under the Act and the terms of Article 16 of this Agreement has either expired or, under and in accordance with the Act and any relevant provision of this Agreement, been surrendered by the Contractor or lawfully cancelled by the Minister pursuant to the ActAct but save as aforesaid, shall continue in full force and effect so long as the Contractor continues to hold any of the said Licences. 45.2. Should any issue arise between the Parties as to whether the Contractor is in default and such issue cannot be amicably settled by consultation between the Parties and a dispute thereon is referred for resolution pursuant to Article 46, this Agreement and the said Licences shall continue in force pending resolution of such dispute. 45.3. Pursuant to the Act, the Minister shall not terminate this Agreement and cancel the respective Licence(s) on the basis of default unless the Minister has, by notice served on the licensee, given not less than thirty (30) calendar days’ notice of such intention and the basis of default. In the notice the Minister shall specify a reasonable perioddate, of not less than ninety (90) calendar daysBusiness Days, before which the Contractor licensee may submit a written response or remedy the default. 45.345.4. On termination of this Agreement, or cancellation or surrender of any Licence as aforesaid, the rights and obligations of the Parties shall cease by the termination; cancellation or surrender, but such termination; cancellation or surrender shall not affect any right of action existing or liabilities incurred by a Party before the date of termination; cancellation or surrender, and any legal proceedings that might have been commenced or continued against a Party may be commenced or continued against it. 45.445.5. The Minister may cancel a Licence pursuant to the Act in relation to any defaulting Party comprising the Contractor, and this Agreement shall be deemed to have been terminated solely with respect to said Party. The Minister may give non-defaulting Parties of the Contractor the opportunity to apply for a proportional redistribution of the working interest of the Party removed from the Licence and from this Agreement. Notwithstanding the above, nothing in this Article obliges the Minister to grant the interest of the defaulting Party to the other Parties in this Agreement. The Government reserves the right to retain the defaulting interest through a state-owned entity or offer it to third parties.

Termination and Cancellation. 45.1Except to the extent noted below orders are not subject to cancellation or termination for convenience. (a) Buyer may terminated this contract upon sixty (60) days advance written notice to Seller. This Agreement Buyer may terminate orders, or portions of orders, upon written notice to Seller at least sixty (60) days prior to the scheduled delivery date. In each such event, Buyer shall be deemed to have been terminated if liable for termination charges which shall include a price adjustment based on the Petroleum Exploration Licence granted to the Contractor pursuant to the Act quantity of goods actually delivered, and every Petroleum Production Licence granted to the Contractor under the Act all costs, direct or indirect, incurred and the terms of Article 16 of committed for this Agreement has either expired or, under contract together with a reasonable allowance for prorated expenses and in accordance with the Act and any relevant provision of this Agreement, been surrendered by the Contractor or cancelled by the Minister pursuant to the Actanticipated profits. 45.2. Pursuant to the Act, the Minister shall not terminate this Agreement and cancel the respective Licence(s(b) Unless otherwise specified on the basis of default unless the Minister hasface hereof, by notice served on the licensee, given not less all quantities must be released no more than thirty twelve (3012) calendar days’ notice of such intention months and the basis of default. In the notice the Minister shall specify a reasonable period, of not less shipments scheduled no more than ninety twelve (9012) calendar days, before which the Contractor may submit a written response or remedy the default. 45.3. On termination of this Agreement, or cancellation or surrender of any Licence as aforesaid, the rights and obligations of the Parties shall cease by the termination; cancellation or surrender, but such termination; cancellation or surrender shall not affect any liabilities incurred by a Party before months from the date of termination; cancellation or surrenderSeller's receipt of Buyer's initial purchase order, and any legal proceedings that might have been commenced or continued against a Party otherwise this contract may be commenced or continued against itterminated by Seller and Buyer shall be liable for termination charges as provided herein. 45.4. The Minister (c) If either party defaults in performance of any material obligation hereunder and if any such default is not corrected within (60) sixty days after the defaulting party receive written notice thereof from the non- defaulting party, then the non defaulting party, at its option, may cancel a Licence pursuant to the Act in relation addition to any defaulting Party comprising the Contractorother remedies it may have, and terminated this Agreement shall be deemed to have been terminated solely with respect to said Party. The Minister agreement. (d) Either party may give non-defaulting Parties of the Contractor the opportunity to apply for a proportional redistribution of the working interest of the Party removed from the Licence and from terminate this Agreement. Notwithstanding the above, nothing in this Article obliges the Minister to grant the interest of the defaulting Party agreement effective upon written notice to the other Parties party in this Agreement. The Government reserves the right event that the other part becomes the subject of voluntary or involuntary petition in bankruptcy or any proceeding related to retain insolvency, or composition for the defaulting interest through a state-owned entity benefit of creditors, if that petition or offer it to third partiesproceeding is not dismissed within (60) sixty days after filing.

Termination and Cancellation. 45.1. This Agreement shall be deemed to have been terminated if the Petroleum Exploration Licence granted to the Contractor pursuant to the Act and every Petroleum Production Licence granted to the Contractor under the Act and the terms of Article 16 of this Agreement has either expired or, under and in accordance with the Act and any relevant provision of this Agreement, been surrendered by the Contractor or lawfully cancelled by the Minister pursuant to the ActAct but save as aforesaid, shall continue in full force and effect so long as the Contractor continues to hold any of the said Licences. 45.2. Should any issue arise between the Parties as to whether the Contractor is in default and such issue cannot be amicably settled by consultation between the Parties and a dispute thereon is referred for resolution pursuant to Article 46, this Agreement and the said Licences shall continue in force pending resolution of such dispute. 45.3. Pursuant to the Act, the Minister shall not terminate this Agreement and cancel the respective Licence(s) on the basis of default unless the Minister has, by notice served on the licensee, given not less than thirty (30) calendar days’ notice of such intention and the basis of default. In the notice the Minister shall specify a reasonable perioddate, of not less than ninety (90) calendar daysBusiness Days, before which the Contractor licensee may submit a written response or remedy the default. 45.345.4. On termination of this Agreement, or cancellation or surrender of any Licence as aforesaid, the rights and obligations of the Parties shall cease by the termination; cancellation or surrender, but such termination; cancellation or surrender shall not affect any right of action existing or liabilities incurred by a Party before the date of termination; cancellation or surrender, and any legal proceedings that might have been commenced or continued against a Party may be commenced or continued against it. 45.445.5. The Minister may cancel a Licence pursuant to the Act in relation to any defaulting Party comprising the Contractor, and this Agreement shall be deemed to have been terminated solely with respect to said Party. The Minister may give non-defaulting Parties of the Contractor the opportunity to apply for a proportional redistribution of the working interest of the Party removed from the Licence and from this Agreement. Notwithstanding the above, nothing in this Article obliges the Minister to grant the interest of the defaulting Party to the other Parties in this Agreement. The Government reserves the right to retain the defaulting interest through a state-owned entity or offer it to third parties.