Bilateral Termination Clause Samples
The Bilateral Termination clause allows both parties to mutually agree to end a contract before its original expiration date. In practice, this means that either party can propose termination, but the contract will only be dissolved if both sides consent, often requiring written notice or a formal agreement. This clause provides flexibility and ensures that neither party is forced to continue an agreement that no longer serves their interests, thereby reducing the risk of disputes and fostering cooperative contract management.
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Bilateral Termination. This Agreement may be terminated at any time by written consent of each of the Parties. Such termination will be effective thirty (30) days following such written consent.
Bilateral Termination. Either Party shall have the right to terminate this Agreement, with effect at the end of any relevant notice period provided below, upon receipt by the other Party of written notice to the other Party, if (i) the other Party (or ▇▇▇▇▇▇ Pharma) files a petition in bankruptcy, or enters into an agreement with its creditors, or applies for or consents to the appointment of a receiver or trustee, or makes an assignment for the benefit of creditors, or becomes subject to involuntary proceedings under any bankruptcy or insolvency law applicable to the respective Party (which proceedings remain undismissed for ninety (90) calendar days); (ii) an allegedly breaching Party fails to start and diligently pursue the cure of a material breach of this Agreement within sixty (60) calendar days after receiving written notice from the other Party of such breach (within thirty (30) calendar days for breach of any payment obligation, as herein provided); (iii) a Force Majeure event continues to prevent performance (in whole or substantial part) of this Agreement for a period of at least ninety (90) calendar days; or (iv) the Parties fail to establish mutual agreement in accordance with Section 5.3(e).