Common use of Annulment Clause in Contracts

Annulment. 18.1 In case of shortcomings on the side of the salesperson concerning his obligations from the agreement or any other resulting agreements from said agreement, as well as bankruptcy, Chapter 11 / suspension of payment, and in case of quiescence, termination or take-over of the salesperson, he is, by law, in omission. The in the previous subsection determination will also be applied if the salesperson offers a settlement to the creditors, or if the salesperson’s wealth is put under control of others, the salesperson is put under legal restraint, or the salesperson’s enterprise is completely or partially seized conservatory or executorially. In that case the purchaser has the right to annul the agreement on his part either partially or fully, without holding the salesperson liable and without legal intervention, by sending a registered letter to the salesperson and/or those obliged to fulfil payment, to adjourn and/or transfer the agreement either partially or fully to third parties, without being held accountable for any reimbursements and whereby the purchaser’s rights including the right to a full reimbursement and restitution of the purchase price remain unabated. 18.2 All claims the purchaser may obtain from or may have had on the salesperson will be immediately and fully collectable. 18.3 If the salesperson refers to non-accountable shortcomings, the purchaser has the right to either partially or fully annul the agreement in compliance with the determinations of this clause.