Notice of Termination; Return or Destruction of Confidential Information Sample Clauses
The "Notice of Termination; Return or Destruction of Confidential Information" clause outlines the procedures that must be followed when ending an agreement, specifically regarding how confidential information should be handled. Typically, this clause requires one party to formally notify the other of the contract's termination and mandates that any confidential materials received during the relationship must either be returned to the disclosing party or destroyed, depending on the instructions provided. Its core function is to ensure that sensitive information is not retained or misused after the business relationship ends, thereby protecting the interests and proprietary data of the parties involved.
POPULAR SAMPLE Copied 8 times
Notice of Termination; Return or Destruction of Confidential Information. In the event of termination by the WFOE Seller or the Chinese Purchaser pursuant to Section 11.14(A), written notice thereof shall forthwith be given to the other parties in accordance with Section 11.8, and, subject to compliance with Section 11.14(C), this Agreement shall be terminated without further action by any party. If the transactions contemplated by this Agreement are terminated as provided herein, the Purchasers shall return to the Sellers or destroy all documents and other materials received from the Sellers, the Offshore Party and their respective Affiliates, representatives and agents relating to the transactions contemplated hereby, whether obtained before or after the execution hereof, along with all copies of such documents and other materials; and the Purchasers shall destroy all materials developed by the Purchasers or any of their Affiliates, representatives or agents from any such documents or other materials.