LOCK IN PERIOD / TERMINATION Sample Clauses

LOCK IN PERIOD / TERMINATION. This agreement shall remain valid and binding for a minimum period of 18 months commencing from….. Day of 2018 (hereinafter referred to as “Effective date”). The initial period of 18 months, from the date of commencement of this agreement shall be a lock in period and save as otherwise provided in this agreement, this agreement cannot be terminated prior to the expiry of the lock in period. If the Franchisee desires to exit this agreement before the expiry of the lock in period, it shall be permitted to do so on payment of ….. % of the monthly revenue of the preceding month. This Agreement may be terminated by either party by giving one month notice in writing to other party after expiry of the lock-in period and giving due reasoning. Notwithstanding what is stated herein above, Service Provider shall have the sole right to terminate this Agreement forthwith by giving notice in writing addressed to Franchisee at its address, in case of happening or occurrence of any of the events including but not restricted to the following: a) Prosecution for any criminal offence of the partner/s, director/s, sole proprietor etc. of Franchisee. b) Breach of any of the terms or conditions of this Agreement by Franchisee. c) False claims towards sales incentives, commissions, refunds, credits, warranty claims, false financial information reports or any other data including but not limited to reporting requirements of Service Provider. d) If Franchisee has any overdue payments towards Service Provider during the subsistence of this agreement. e) If the appointment or continuance of Franchisee under this Agreement is likely to result in, at the sole decision of Service Provider, in loss of goodwill or reputation of Service Provider. f) If Franchisee commits any misconduct, fraud, cheating, misappropriation or any act lacking in good faith. g) If Franchisee becomes insolvent or if the audited financial results of the business of the Franchisee disclose that the total liabilities of the business of the other party exceed its all assets. h) If the Franchisee enters into an arrangement or composition with its creditor(s) or if a receiver of the other party’s property or any part thereof, is appointed. i) If a resolution is passed to wind-up the Franchisee’s business or if a receiver is appointed for any part of the Franchisee’s property. j) Failure of the Franchisee to obtain or maintain any license or the suspension or revocation of any necessary license, sanctions, approvals, ...