Common use of The Effect of Termination Clause in Contracts

The Effect of Termination. (1) In the event of the termination or expiration of the Agreement, the Provider may cooperate with the Client, in migrating the Client data, system and the data that the Provider has provided to its Client according to the Agreement, to the Client or the third party designated by the Client and the matters required by the migration work as well as accompanied cost shall be consulted by and between the Client and Provider additionally. (2) In the event that the Agreement is expired or otherwise terminated, the Client shall pay the Service Fees for all services that the Provider renders as well as the migration expense paid to the third party in relation to the data, equipment and software that are agreed to be migrated to the Client. (3) If the Client ceases the use of computer facilities that the Provider has purchased, leased or rented on the premise that the Client would use for a certain period of time according to the request made by the Client due to reasons including termination of the Agreement, the Client shall pay the penalty prorated to the number of months remaining as detailed in <Annex. Service Statement> in order to compensate for the damage inflicted upon the Provider with respect to the suspension of use of the equipment. (4) The Client shall pay all the relevant amount stipulated in Article 28, in cash within thirty (30) days from the date of the Provider asks for it.