Termination for Default and Insolvency Sample Clauses

The 'Termination for Default and Insolvency' clause allows one party to end the contract if the other party fails to meet its obligations or becomes insolvent. Typically, this clause outlines specific events that constitute default, such as missed payments or failure to deliver goods, and includes provisions for immediate termination if bankruptcy or insolvency proceedings are initiated. Its core function is to protect parties from being bound to an agreement with a non-performing or financially unstable counterparty, thereby minimizing risk and providing a clear exit mechanism.
Termination for Default and Insolvency. 9.1 Defolt və müflisləşmə zamanı xitamvermə a) Either party (Injured Party) may end the Agreement wholly or partly by written notice to the other (Defaulting Party), if an Insolvency Event or Default Event affects the Defaulting Party. Termination under Clause 9.1 will not affect other rights of the Injured Party. b) A Default Event occurs if all the following conditions are met: (i) Defaulting Party breaches a material duty under the Agreement; (ii) Injured Party sends Defaulting Party a notice identifying the breach in sufficient detail; (iii) 10 Days after receiving the notice, Defaulting Party has not corrected the breach; and (iv) if the breach cannot reasonably be corrected in 10 Days, Defaulting Party has not acted diligently to fix the breach. a) Müflişləşmə Hadisəsi və ya Defolt Hadisəsi Müflisləşən Tərəfə təsir edərsə, Tərəflərdən hər biri (Zərərçəkən Tərəf) digər tərəfə (Müflisləşən Tərəfə) yazılı şəkildə bildirməklə Müqaviləni tamamilə və ya qismən ləğv edə bilər. 9.1-ci maddəyə əsasən xitamvermə Zərərçəkmiş Tərəfin digər hüquqlarına təsir etməyəcək. b) Aşağıdakı şərtlərin hamısı yerinə yetirilərsə, Defolt Hadisəsi baş verir: (i) Müflisləşən Tərəf Müqavilə üzrə maddi vəzifəsini pozur; (ii) Zərərçəkən Tərəf Müflisləşən Tərəfə bu pozuntunu kifayət qədər ətraflı şəkildə müəyyənləşdirən bir bildiriş göndərir; (iii) Bildirişi aldıqdan sonra 10 Gün ərzində Müflisləşən Tərəf bu pozuntunu düzəltməmişdir; və (iv) Pozuntu əsaslı olaraq 10 Gün ərzində düzəldilə bilmədikdə, Müflisləşən Tərəf bu pozuntunu aradan qaldırmaq üçün səy göstərməmişdir. c) An Insolvency Event means any of the following: c) Müflisləşmə Hadisəsi aşağıdakılardan hər hansı birini bildirir: (i) a meeting of creditors of Defaulting Party. (i) Müflisləşən Tərəfin kreditorlarının iclası. (ii) a proposal for an arrangement or composition with or for the benefit of creditors of Defaulting Party. (iii) a chargeholder, receiver, administrative receiver or similar person is appointed over or takes possession of material assets of Defaulting Party. (iv) a legal enforcement process is taken (and not discharged within 5 Days) against material assets of Defaulting Party. (v) Defaulting Party stops trading or cannot pay its debts. (vi) anyone gives notice of intention to appoint an administrator, or applies to court to appoint an administrator, in relation to Defaulting Party. (vii) a petition is presented (and not discharged within 20 Days) or a resolution is passed or an order made for winding-up...
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Termination for Default and Insolvency a) Either party (Injured Party) may end the Contract wholly or partly by written notice to the other (Defaulting Party), if an Insolvency Event or Default Event affects the Defaulting Party. Termination under Clause 9.1 will not affect other rights of the Injured Party. b) A Default Event occurs if all the following conditions are met: (i) Defaulting Party breaches a material duty under the Contract; (ii) Injured Party sends Defaulting Party a notice identifying the breach in sufficient detail;
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Termination for Default and Insolvency a) Either party (Injured Party) may end the Contract wholly or partly by written notice to the other (Defaulting Party), if an Insolvency Event or Default Event affects the Defaulting Party. Termination under Clause 9.1 will not affect other rights of the Injured Party. b) A Default Event occurs if all the following conditions are met: (i) Defaulting Party breaches a material duty under the Contract; (ii) Injured Party sends Defaulting Party a notice identifying the breach in sufficient detail; (iii) 10 Days after receiving the notice, Defaulting Party has not corrected the breach; and (iv) if the breach cannot reasonably be corrected in 10 Days, Defaulting Party has not acted diligently to fix the breach. c) An Insolvency Event means any of the following: (i) a meeting of creditors of Defaulting Party; (ii) a proposal for an arrangement or composition with or for the benefit of creditors of Defaulting Party; (iii) a chargeholder, receiver, administrative receiver or similar person is appointed over or takes possession of material assets of Defaulting Party; (iv) a legal enforcement process is taken (and not discharged within 5 Days) against material assets of Defaulting Party; (v) Defaulting Party stops trading or cannot pay its debts; (vi) anyone gives notice of intention to appoint an administrator, or applies to court to appoint an administrator, in relation to Defaulting Party; (vii) a petition is presented (and not discharged within 20 Days) or a resolution is passed or an order made for winding-up, bankruptcy or dissolution of Defaulting Party; or (viii) an event similar to any of (i) to (vii) in a jurisdiction where Defaulting Party is incorporated or resides or carries on business or has assets. d) On termination under Clause 9.1(a), Customer will pay ▇▇▇▇▇▇▇ the price of Goods, Software, Documentation and Services already delivered. If ▇▇▇▇▇▇▇ was the Injured Party, Customer will also pay ▇▇▇▇▇▇▇ for work in progress under ▇▇▇▇▇▇▇’▇ then current policies and cancellation charges.
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Termination for Default and Insolvency. 23.1 Manildra shall be entitled to terminate the Agreement and any Purchase Order on written notice to the Supplier if: (a) the Supplier ceases, or threatens to cease, to carry on business, becomes bankrupt or insolvent or has a receiver, manager, administrator or liquidator appointed; or (b) the Supplier commits a material breach of any of its obligations under the Agreement which is not remedied within 14 days of written notice by Manildra to remedy. 23.2 Manildra may terminate this Agreement on notice whether written or oral for any breach of any law or regulation by the Supplier in the performance of this Agreement. 23.3 Upon termination of this Agreement for any reason, the parties shall promptly do all things necessary, including the cessation of delivery of Goods and Services, issue of invoices and making of payments owing, to satisfy the relevant party’s obligations under this Agreement.
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Related to Termination for Default and Insolvency

  • Termination for Default The Commonwealth may terminate this Agreement by notice where it reasonably believes the Grantee: (a) has breached this Agreement; or (b) has provided false or misleading statements in their application for the Grant; or (c) has become bankrupt or insolvent, entered into a scheme of arrangement with creditors, or come under any form of external administration.

  • SUSPENSION & TERMINATION FOR DEFAULT Enterprise Services may suspend Contractor’s operations under this Contract immediately by written cure notice of any default. Suspension shall continue until the default is remedied to Enterprise Services’ reasonable satisfaction; Provided, however, that, if after thirty (30) calendar days from such a suspension notice, Contractor remains in default, Enterprise Services may terminate Contractor’s rights under this Contract. All of Contractor’s obligations to Enterprise Services and Purchasers survive termination of Contractor’s rights under this Contract, until such obligations have been fulfilled.

  • Events of Default and Termination Events The following Events of Default and Termination Events shall apply to Party A and Party B as set forth below:

  • Events of Default and Termination 12.1 A material breach of this Agreement by the Lessee shall constitute an "Event of Default" under this Agreement. Without limiting the generality of the foregoing provision, the Parties agree that the following cases are of essential interests for the Lessor, and shall be deemed to constitute an Event of Default under this Agreement: 12.1.1 The Lessee fails to pay the Outstanding Amounts, when they fall due pursuant to this Agreement; and/or 12.1.2 The Lessee is in breach of the provisions under Article 6 and Article 11 of this Agreement; and/or 12.1.3 The Lessee is in default under any other agreement that the Lessee may have entered into with the Lessor. 12.2 In case of an Event of Default, the Lessor shall send a written rectification notice (the “Rectification Notice”) to the Lessee requesting the immediate rectification of the Event of Default. The Rectification Notice shall also include any Penalty applied in relation to the breach, as well as the value of other overdue amounts at the date (jointly the Overdue Amounts). The Lessor shall also apply the relevant Late Payment Interest on such Overdue Amounts pursuant to this Agreement. 12.3 If within a period of 20 (twenty) days from the Rectification Notice the Lessee fails to comply with the Rectification Notice, or fails to offer an adequate compensation acceptable to the Lessor, if the Event of Default is impossible to be cured, the Lessor is entitled to terminate this Agreement by Notice to the Lessee (the “Termination Notice”). 12.4 The Termination Notice shall also include the value of the Termination Penalty applied by the Lessor, as well as the value of the other Overdue Amounts at that date (jointly the Overdue Amounts). The Lessor shall apply the relevant Late Payment Interest on such Outstanding Amounts pursuant to this Agreement. 12.5 A Termination Notice shall be issued by the Lessor not later than 7 (seven) days before the start of the repossession procedures pursuant to Article 13; unless within said period the Lessee voluntarily pays all of the Outstanding Amounts and accrued Late Payment Interest, the Termination Notice shall have the effect of terminating this Agreement immediately or, if appropriate, by any later date specified in the Termination Notice.

  • Termination for Default; Remedies 8.2.1 Each of the following shall constitute an immediate event of default (“Event of Default”) under this Agreement: (a) Contractor fails or refuses to perform or observe any term, covenant or condition contained in any of the following Sections of this Agreement: