Common use of TERMINATION FOR DEFAULT AND LIQUIDITATED DAMAGES Clause in Contracts

TERMINATION FOR DEFAULT AND LIQUIDITATED DAMAGES. 17.1 The Bank, without prejudice to any other remedy for breach of contract, shall have the right to terminate the contract in whole or part, if service provider, at any time, by giving a written notice of one month: i. fails to deliver any or all of the deliverables within the period(s) specified in this Agreement, or within any extension thereof granted by the Bank pursuant to conditions of Agreement or ii. if service provider fails to perform any other obligation(s) under the Agreement provided a cure period of not less than 30 days is given to service provider to rectify the defects or iii. Laxity in following security standards laid down by the Bank or iv. Excessive delay in execution of orders placed by the Bank or v. Discrepancies / deviations in the agreed processes and/or products or vi. Violation of terms & conditions stipulated in this Agreement 17.2 In the event the bank terminates the Agreement in whole or in part for the breaches attributable to the Service Provider, the bank may procure, upon such terms and in such manner, as it deems appropriate, software or services similar to those undelivered. However, service provider in case of part termination, shall continue the performance of the Agreement to the extent not terminated. 17.3 In the event of termination of the Agreement, service provider shall be entitled to receive payment for the Services rendered (delivered) up to the effective date of termination. 17.4 The Bank may at any time terminate the Agreement without giving written notice to Service provider, if Service provider becomes bankrupt or otherwise insolvent. In this event termination will be without compensation to Service provider, provided that such termination will not prejudice or affect any right of action or remedy, which has occurred or will accrue thereafter to the Bank on payment to the Service Provider for the services rendered. 17.5 In the event of the termination of the Agreement Service Provider shall be liable and responsible to return to the Bank all records, documents, data and information including Confidential Information pertains to or relating to the Bank in its possession. 17.6 In the event of termination of the Agreement for material breach by service provider, Bank shall have the right to give suitable publicity to the same including advising the Indian Bank’s Association. 17.7 The Bank and the agency shall have the right to terminate the contract by way of issuing three months’ notice during the currency of the engagement without assigning any reason. 17.8 Upon termination or expiration of this Agreement, all rights and obligations of the Parties hereunder shall cease, except such rights and obligations as may have accrued on the date of termination or expiration; the obligation of indemnity; obligation of payment; confidentiality obligation; Governing Law clause; Dispute resolution clause ; and any right which a Party may have under the Applicable Law.