Common use of Extraordinary Termination Clause in Contracts

Extraordinary Termination. Both Parties shall have the right to terminate this Agreement with immediate effect by giving written notice to the other Party, if - the other Party becomes insolvent; - the other Party enters into a composition agreement or similar proceedings under bankruptcy laws; - the other Party ceases to carry out its business operations; or - in the event of a material breach of any obligations under this Agreement by the other Party and if such breach has not been remedied within a time period of thirty (30) calendar days. Other terms concerning the breach of contract shall take precedence over this provision.

Extraordinary Termination. Both Parties shall have the right to terminate this Agreement with immediate effect by giving written notice to the other Party, - if - the other Party becomes insolvent; - if the other Party enters into a composition agreement or similar proceedings under bankruptcy laws; - if the other Party ceases to carry out its business operations; or - in the event of a material breach of any obligations under this Agreement by the other Party and if such breach has not been remedied within a time period of thirty (30) calendar days. Other terms concerning the breach of contract shall take precedence over this provision.