PROTECTION FOR CURRENT CONTRACTS Sample Clauses
The "Protection for Current Contracts" clause serves to safeguard the terms and validity of agreements that are already in effect at the time a new contract is executed. Typically, this clause ensures that any new obligations or changes introduced by the new contract do not override, invalidate, or conflict with the provisions of existing contracts between the parties. For example, if a company enters into a new supplier agreement, this clause would ensure that its ongoing commitments under previous supplier contracts remain intact and enforceable. Its core practical function is to prevent unintended disruption or legal uncertainty regarding ongoing contractual relationships, thereby maintaining continuity and honoring prior commitments.
PROTECTION FOR CURRENT CONTRACTS. If this Agreement should cease and determine pursuant to any provision contained in Clause XXIII and if at the date of such cessation or determination the Joint Venturers are under an obligation arising under a current contract or contracts with some other party originally entered into by them pursuant to proposals approved by the Minister to supply iron ore to that other party the Joint Venturers may give notice of that fact to the Minister and request the State to ensure that the Third Party agrees itself to take over and assume liability for the due and punctual discharge of the Joint Venturers said obligations or alternatively agrees to supply iron ore to enable them to discharge their said obligations and the State will forthwith upon receipt of such notice or as soon as possible or practicable thereafter do or cause to be done all such acts matters or things as may be fair and reasonable in the circumstances to comply with the Joint Venturers’ said request.
PROTECTION FOR CURRENT CONTRACTS