Common use of Post-Termination Term Clause in Contracts

Post-Termination Term. LICENSEE shall have a period of 3 months to wind-down its use of the LICENSOR’S Technology and transition to alternative trademarks (the “Wind-Down Period”), during which time LICENSEE shall have the right and license to continue to use the LICENSOR’S Technology in accordance with the terms and conditions of this Agreement. LICENSEE acknowledges that LICENSEE’s failure to cease the use of the LICENSOR’S Technology upon termination of this Agreement and after expiration of the Wind-Down Period shall result in immediate and irreparable damage to LICENSOR and to the rights of any subsequent LICENSEE. LICENSEE acknowledges and admits that there is no adequate remedy at law for such failure, and agrees that in the event of such failure, LICENSOR shall be entitled to equitable relief by way of temporary and permanent injunction and such other and further relief as any court with jurisdiction may deem just and proper.