Common use of Termination, Rescission Clause in Contracts

Termination, Rescission. 17.1 In case of a contract for the performance of a continuing obligation such contract may be terminated without notice for good cause. Grounds for good cause shall also include: 17.2 If the Contractor has acquired from the Principal any documents, records, plans or drawings within the scope of the contractual collaboration or for the purposes of fulfilling the contract the Contractor must forthwith hand them over to the Principal in the event of termination of the contract by a party to the contract. These requirements apply likewise in the event of rescission. 17.3 The Principal may terminate the contract for the performance of a continuing obligation at any time and without cause upon thirty (30) days written notice to Contractor without incurring any liability for compensation or indemnification to Contractor.

Appears in 2 contracts

Sources: General Conditions of Purchase, General Conditions of Purchase