Common use of Withdrawal from the Contract Clause in Contracts

Withdrawal from the Contract. In the case of withdrawal from the contract or a binding order by the customer, the supplier is entitled to a compensation charge in the amount of 10% of the agreed price. If the goods have already been dispatched, the supplier has the right to demand a contractual penalty in accordance with Article 4 hereof. Withdrawal from the contract is only possible in writing and becomes valid on the third day after the date on which the other party received the written notice of withdrawal.