Common use of Term ination Clause in Contracts

Term ination. Without prejudice to provisions laid down elsewhere in the Agreement, each of the Parties may terminate the Agreement or any parts thereof out of court by registered post if the other Party is in default or if performance is permanently or temporarily impossible. Without prejudice to the provisions elsewhere in the Agreement, each of the Parties may terminate the Agreement without prior reminder or notice of default with immediate effect in the event: • The other Party applies for (provisional) suspension of payments; • The other Party applies for bankruptcy or is declared bankrupt, the other Party’s business is dissolved, the other Party ceases its current business operations, there is a drastic change in the control of the other Party’s business, a considerable part of the other Party’s assets is seized, or the other Party otherwise cannot be considered capable of performing the obligations arising from this Agreement any longer. Parties cannot be held liable for any direct and/or indirect damage on the part of the other Party resulting from a premature termination.