Common use of Completion and Termination Clause in Contracts

Completion and Termination. The Trustee may terminate the Grant at any time without liability for compensation with immediate effect by written notice to the Grantee upon occurrence of the following non-compliance events: (1) failure to carry out the Project; (2) breach of any terms, conditions or undertakings; (3) the objective of the Project has substantially deviated from the one stated in the Approved Project Proposal; (4) assignment of the Agreement by the Grantee without consent from the Trustee; (5) engage in any conduct prejudicial to the Project or the SIE Fund; (6) bankrupt of the Grantee; (7) failure to submit reports or any information or the information submitted is incomplete, incorrect, untrue or is misleading to a material extent; or (8) the Grantee is convicted of a criminal offence by a court in Hong Kong or commit fraudulent or other inappropriate acts which may in the Trustee’s opinion, adversely impact the implementation of the Project and/or the reputation of the Project or the SIE Fund. Subject to the prior written approval of the Trustee, the Grantee may terminate the Grant without cause by giving at least 14 days’ notice to the Trustee provided that the Grantee shall return to the Trustee all or any part of the Grant paid to the Grantee with interest. The Trustee may terminate this Agreement without cause and without entitling the Grantee any compensation whatsoever by giving at least 14 days’ notice to the Grantee.

Completion and Termination. The Trustee may terminate the Grant at any time without liability for compensation with immediate effect by written notice to the Grantee upon occurrence of the following non-compliance events: (1) failure to carry out the Project; (2) breach of any terms, conditions or undertakings; (3) the objective of the Project has substantially deviated from the one stated in the Approved Project Proposal; (4) assignment of the Agreement by the Grantee without consent from the Trustee; (5) engage in any conduct prejudicial to the Project or the SIE Fund; (6) bankrupt winding-up and/or insolvency of the Grantee; (7) failure to submit reports or any information or the information submitted is incomplete, incorrect, untrue or is misleading to a material extent; or (8) the Grantee or its key management is convicted of a criminal offence by a court in Hong Kong or commit fraudulent or other inappropriate acts which may in the Trustee’s opinion, adversely impact the implementation of the Project and/or the reputation of the Project or the SIE Fund. Subject to the prior written approval of the Trustee, the Grantee may terminate the Grant without cause by giving at least 14 days’ notice to the Trustee provided that the Grantee shall return to the Trustee all or any part of the Grant paid to the Grantee with interest. The Trustee may terminate this Agreement without cause and without entitling the Grantee any compensation whatsoever by giving at least 14 days’ notice to the Grantee.