Common use of Termination 7 Clause in Contracts

Termination 7. 1 The Company may terminate this Agreement at any time upon the occurrence of any of the following events of default (each an “Event of Default”): (a) the Consultant’s commission of an act of fraud, theft or embezzlement or other similar willful misconduct; (b) the neglect or breach by the Consultant of his material obligations or agreements under this Agreement; or (c) the Consultant’s refusal to follow lawful directives of the President of the Company, provided that notice of the Event of Default has been delivered to the Consultant and provided the Consultant has failed to remedy the default within seven days of the date of delivery of notice of the Event of Default, if the default is of such a nature that it is capable of remedy.