Common use of Express termination clause Clause in Contracts

Express termination clause. A) The Supply agreement shall be immediately and rightfully terminated pursuant to Article 1456 of the Italian Civil Code by means of a written declaration by SACE, whereby the company states that they want to apply this express termination clause in the event that the Purchaser: 1) fails to pay or delays payment of the amounts due; 2) delays collection or fails to collect the Products within the terms provided for under Article 6; 3) does not observe the confidentiality obligations provided for under Article 3 B). SACE will evaluate and claim consequential damages following the above resolutions. B) The Agreement shall be terminated in the event that the Purchaser is in liquidation or is subject to any bankruptcy proceedings. C) In the event that the Purchaser reduces the warranty provided on stipulation of the Agreement or does not provide the warranties envisaged, SACE shall have the faculty to withdraw from the Agreement without prior notice.