Common use of Termination Process Clause in Contracts

Termination Process. (1) In the event that there is no agreement within six (6) months or such further time as all Parties agree following the delivery of a termination notice under s. 12.1(1): (a) between all Parties to continue with this Agreement on the same or amended terms under s. 12.1(2); or (b) between all or any two of the Parties and any new parties to new or alternative arrangements under s. 12.1(3), the Parties shall notify the principals of the Parties of the pending termination so as to provide them with a final opportunity to consider whether there is any basis to continue with this Agreement or to develop alternative arrangements.