Termination of Contract नमूना खंड

Termination of Contract. Without prejudice to what is contained herein above, the Bank shall at its sole and absolute discretion, be entitled to terminate the contract forthwith by written notice without assigning any reason and without payment of any compensation, if- a) In the opinion of the Bank (which shall not be called in question by the successful Agency and shall be binding on the successful Agency) the successful Agency fails or refuses to implement the contract to the Bank’s satisfaction; and/or b) The successful Agency commits a breach of any terms and conditions of the contract; and/or c) For any reason whatsoever, the successful Agency becomes disentitled under any law to perform his obligation under the contract; and/or d) There is any variation in the ownership/partnership of the successful Agency or its business without the prior permission in writing from the Bank; and/or e) The successful Agency is adjudged an insolvent/bankrupt or a compromise is entered by it with its creditors or if distress or execution or other process is levied upon it or receiver is appointed for any part of the assets or property of the successful tenderer/Agency / firm / company/ Agency. In the event of termination of the contract for any reason whatsoever, the successful Agency or persons employed by it shall not be entitled for any sum or sums whatsoever from the Bank by way of compensation or damages.

Termination of Contract. If the Agency fails to perform any of the obligations under this contract and if the Bank is dissatisfied with the services, the Bank may terminate the services of the Agency with a notice of winding up and the Agency shall vacate the premises within a period of one month of written notice. Bank should not be held liable for any cost, damage, expenses or any loss whatsoever that the Agency may suffer on being served with the winding up notice and termination of contract. However, the Agency is required to give 3 month’s notice in case it does not want to continue the contract. In this case, Bank shall forfeit the security deposit and shall award the contract to new agency. Decision of SIDBI in such matters shall be final and binding on the Agency.

Termination of Contract. The contract shall be terminated automatically after completion of expiry of contract period. Also either side may terminate the contract assigning reasons by giving 90 days notice. However, in case of fraud / criminal case, Railway shall be at liberty to terminate the contract without giving any prior notice. However contracts can also be terminated due to "unsatisfactory performance" during contract period. The following items would constitute unsatisfactory performance leading to termination of the contract. a) Overcharging. b) Non payment / Delay in payment of Corporation dues.

Termination of Contract. 19.10.1 In the event of non-performance of the bidder as decided by the Bank or any disputes or differences arising between the Parties hereto on any matter / provision set out in this RfP and subsequent Service Agreement for the selected Agency, the Parties shall try to resolve the matter amicably inter se. In case if the matter is not settled amicably and further Bank is not satisfied with the services of the agency or the agency failing to perform the services agreed to under this RfP, Bank shall issue a written notice of 15 days to the agency informing the agency of its dissatisfaction or the non-performance of the agency and if the error is not rectified within the given time , Bank shall not be liable to pay the agency for the same for the period of non-performance by agency and the decision of Bank in this regards shall be final and binding on the Service provider/agency. 19.10.2 In the event the agency does not comply with its obligations, on the termination of the notice period, Bank shall be at liberty to terminate the Agreement, without further notice, and shall additionally have the right to claim any further rights available under the law, including without limitation, the right to damages. 19.10.3 Upon termination of the Agreement, the Agency would promptly hand over to SIDBI all Deliverable Items, including work-in-progress, on “as is where is” condition subject to the mutual settlement of all money due and payable to them being paid. During the period of notification of termination, the Agency shall complete pending assignments and Bank shall agree to settle the dues in respect of assignments after completion thereof by the Agency, except if specifically instructed by the Bank to act otherwise. 19.10.4 The Bank would also have the right to terminate such Service Agreement with three months notice or such period as agreed without assigning any reason. 19.10.5 The Bank reserves the right to cancel the contract, without any prior notice, in the event of happening one or more of the following Conditions: ❖ Failure of the successful bidder to accept the contract ❖ Delay in services ❖ Serious problems in quality of services ❖ Services of the Agency not being considered satisfactory by the Bank