Termination 13. Rescisión
Termination 13. 1 Where a matter becomes a dispute in accordance with Clause 12, either Party may, within forty eight (48) hours’ notice to the other Party, suspend the performance of the Services until such time as the dispute is resolved. 13.2 Clause 13 does not apply to either Party commencing legal proceedings for urgent interlocutory relief. Termination by the Client 13.3 The Client may terminate this Contract with at least thirty (30) calendar days prior written notice to the Consultant after the occurrence of any of the events specified in sub-clauses(a) through (d) of this Clause: (a) If the Consultant does not remedy a failure in the performance of its obligations under the Contract within seven (7) working days after being notified, or within any further period as the Client may have subsequently approved in writing; (b) If the Consultant becomes insolvent or bankrupt; (c) If the Consultant, in the judgment of the Client or the Government, has engaged in corrupt, fraudulent, collusive, coercive, or obstructive practices (as defined in the prevailing Government’s sanctions procedures) in competing for or in performing the Contract; and/or (d) If the Client, in its sole discretion and for any reason whatsoever, decides to terminate this Contract or reduce its scope for convenience. The Client may provide reasons for termination or reduction of scope of services, to the Consultant. 13.4 Where the Client terminates this Contract or reduces its scope for convenience, the Consultant upon receiving notice, must cease or reduce performance of the Services according to the tenor of the notice and forthwith do everything sensible to mitigate losses. In such case, the Consultant shall only be entitled to receive payment as full compensation for all Services performed prior to the date of termination.
Termination 13. 1. This contract shall not be terminated during the first three (3) years from the effective date. 13.2. Subject to subsection 1 of this Section, this contract may be terminated at any time by agreement of the Parties or in accordance with Article 48 of the Petroleum Mining Code. SECTION 14 BOOKS, ACCOUNTS AND AUDITS BOOKS AND ACCOUNTS 14.1. In addition to any requirements pursuant to paragraph (b) of subsection 4 of Section 5, the contractor shall keep complete books and accounts recording all operating costs as well as monies received from the sale or disposal of petroleum production. AUDITS 14.2. The Joint Authority may require independent auditing of the contractor's books and accounts relating to this contract for any calendar year and may require the independent auditor to perform such auditing procedures as are deemed appropriate by the Joint Authority. The contractor shall forward a copy of the independent accountant's report to the Joint Authority within sixty (60) days following the completion of the audit. The Joint Authority reserves the right to inspect and audit the contractor's books and accounts relating to this contract. SECTION 15
Termination 13. 1 Where a matter becomes a dispute in accordance with Paragraph 12, either party may, within 48 hours’ notice to the other party, suspend the performance of the Services until such time as the dispute is resolved. 13.2 Paragraph 13 does not apply to either party commencing legal proceedings for urgent interlocutory relief. 13.3 The procuring entity may terminate this Contract with at least ten (10) working days prior written notice to the consultant after the occurrence of any of the events specified in paragraphs (a) through (d) of this Clause: (a) If the consultant does not remedy a failure in the performance of its obligations under the Contract within seven (7) working days after being notified, or within any further period as the procuring entity may have subsequently approved in writing; (b) If the consultant becomes insolvent or bankrupt; (c) If the consultant, in the judgment of the procuring entity or the Government, has engaged in corrupt, fraudulent, collusive, coercive, or obstructive practices (as defined in the prevailing Government’s sanctions procedures) in competing for or in performing the Contract. (d) If the procuring entity, in its sole discretion and for any reason whatsoever, decides to terminate this Contract. 13.4 Termination by the consultant The consultant may terminate this Contract, by not less than thirty (30) calendar days’ written notice to the procuring entity, in case of the occurrence of any of the events specified in paragraphs (a) and (b) of this Clause. (a) If the procuring entity fails to pay any money due to the consultant pursuant to this Contract and not subject to dispute, within forty-five (45) calendar days after receiving written notice from the consultant that such payment is overdue. (b) If the procuring entity is in material breach of its obligations pursuant to this Contract and has not remedied the same within forty-five (45) days (or such longer period as the consultant may have subsequently agreed in writing) following the receipt by the procuring entity of the consultant’s notice specifying such breach. 13.5 Termination by default Where a party fails to satisfy any of its obligations under this Contract, other than those referred to in Clauses 13.1 and 13.2 above, the other party may give notice requiring that the failure be remedied within a period of thirty (30) working days and if not remedied within that time, may terminate this contract immediately.
Termination 13
