Termination and Short Closing of Contract Sample Clauses

The 'Termination and Short Closing of Contract' clause defines the conditions and procedures under which a contract may be ended before its originally agreed-upon completion date. This clause typically outlines the rights of either party to terminate the agreement, the required notice period, and any obligations or penalties that may arise from early termination. For example, it may allow a party to end the contract if certain milestones are not met or if there is a material breach. Its core function is to provide a clear and fair mechanism for ending the contractual relationship, thereby managing risk and preventing disputes over how and when a contract can be concluded early.
Termination and Short Closing of Contract. Under the normal circumstances, Termination/Short Closing of the Purchase Order/Contract is not foreseen. However, ISRO HQ/DOS/Purchaser reserves the right to terminate the Contract in whole or in part by giving 30 days prior notice under the following circumstances: 17.1 For repeated non-performance in the execution of Purchase Order Contract. 17.2 If the Service Provider fails to deliver the Services within the stipulated delivery schedule or any extension thereof, granted by ISRO HQ/DOS. 17.3 If the Service Provider fails to perform any other obligations under Purchase Order/Contract. 17.4 Owing to deficiency of service, breach of Contract. 17.5 For inefficiency, indiscipline, irregularity, insincerity, indifference in work, indulges in corrupt practices, disobedience, doubtful credentials/integrity, unsatisfactory services, etc., at any point of time during the Contract period. 17.6 If the Service Provider becomes bankrupt or otherwise insolvent or any petition seeking its insolvency is admitted by a Court/Tribunal of Competent Jurisdiction or if the Service Provider applies for Voluntary Insolvency or enters into any arrangement for deferred payment to its Creditors. 17.7 ISRO HQ/DOS reserves the right to terminate the Contract wholly or partly at any time by giving 30 days prior notice without assigning any reasons. 17.8 When both the Parties agree mutually. 17.9 Any special circumstances, which must be recorded to justify the cancellation or termination of PO/Contract. 17.10 If the Service Provider is found to have made any false or fraudulent declaration or statement to obtain the Contract or he is found to be indulging in unethical or unfair trade practices. 17.11 The Contractor/Service Provider should be in possession of the valid License till the expiry of the Contract and made liable for renewing the License before its expiry and produce the copy to principal employer, ISRO HQ/DOS. If the Contractor/Service Provider fails to renew the license before the due date, the Contract is liable for termination.
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Termination and Short Closing of Contract. 19.1 Under the normal circumstances, termination/ short closing of the Contract is not foreseen. However, in case of repeated non performance of the PO/Contract, ISAC reserves the right to: i. Terminate the P.O/Contract wholly or partly by giving 30 days prior notice due to repeated non-performance in the execution of P.O/Contract. ii. Terminate the P.O/Contract wholly or partly If the contractor fails to perform any other obligations under this P.O/Contract. iii. Terminate the P.O/Contract If the Contractor becomes bankrupt or otherwise insolvent. iv. Terminate the P.O/Contract owing to deficiency of service, breach of Contract. v. Terminate the P.O/Contract for inefficiency, indiscipline, irregularity, insincerity, indifference in work, disobedience, doubtful credentials/integrity, etc., at any point of time during the Contract period. 19.2 ISAC reserves the right to terminate the Contract wholly or partly at any time by giving 30 days prior notice without assigning any reasons. 19.3 The Contractor/Service Provider should be in possession of the valid License till the expiry of the Contract and made liable for renewing the License before its expiry and produce the copy to principal employer, ISAC. If the Contractor/Service Provider fails to renew the license before the due date, the Contract is liable for termination.
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Termination and Short Closing of Contract. Under the normal circumstances, termination/short closing of the Contract is not foreseen. However, the Service Receiver reserves the right to Terminate the contract in whole or in part by giving prior notice of 30 days under any of the following circumstances: i. For repeated non-performance in the execution of the Contract, ii. If the Service Provider fails to deliver the Services within the stipulated delivery Period or any extension thereof granted by HSFC iii. If the Service Provider fails to perform any other obligations under the Contract. iv. Owing to deficiency of Service and Breach of Contract. v. For inefficiency, indiscipline, irregularity, insincerity, indifference in work, disobedience, doubtful credentials/integrity etc., at any point of time during the Contract period. vi. When both the Parties agree mutually. vii. Any special circumstances, which must be recorded to justify the cancellation or Termination of Contract. viii. If the Contractor becomes Bankrupt or otherwise insolvent or any petition seeking its insolvency is admitted by a Court/Tribunal of competent Jurisdiction or if the Contractor applies for voluntary insolvency or enters into any arrangement for deferred payment to its creditors.
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Termination and Short Closing of Contract. 24.1 Under the normal circumstances, termination/short closing of the Contract is not foreseen. However, in case of continued non-performance of the Contract, owing to deficiency of service, breach of Contract, cessation of the requirement, ISAC reserves the right to terminate the Contract wholly or partly by giving a prior notice of 30 days. 24.2 ISAC reserves the right to terminate the Contract wholly or partly at any time by giving 30 days prior notice without assigning any reasons. In case of leave or absenteeism of any workforce for a period exceeding fifteen days, the Service Provider shall arrange for suitable replacement. The workforce shall avail leave with the prior consent of the Focal Point, ISAC and keep the Service Provider informed of availing leave. Whenever, the workforce proceeds on leave for more than fifteen days, the identity card issued to the workforce should be deposited with ISAC Administration. The workforce shall not be entitled to any paid leave by ISAC even on medical grounds. ISAC shall be at liberty to withhold/deduct any part or full amount from security deposit in case of any failure on the part of the service provider to make good any loss/damage caused to the property or personnel injury of ISAC by the workforce. The decision of ISAC on this shall be final and binding on the Service Provider. The required Skill Test shall be conducted by the expert team of respective Groups/Division/Facilities prior to accepting the work force deployed by the Service Provider. For other work force related to technical areas, screening shall be conducted by the expert team of respective Groups/Division/Facilities prior to accepting the work force deployed by the Service Provider. In case, the Service Charges are equal between vendor-to-vendor, the decision of ISAC is final. If Service Provider/Firm quotes “NIL” Service Charges/ Consideration, the bid shall be treated as unresponsive and will not be considered. In order to avail of the benefits extended by Government of India to the Micro and Small Sectors, please submit attested copy of the valid Entrepreneur Memorandum Part II signed by the General Manager, District Industries Centre or NSIC Registration Certificate along with your offer.
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Related to Termination and Short Closing of Contract

  • Purchase and Sale Termination Events Each of the following events or occurrences described in this Section 8.1 shall constitute a “Purchase and Sale Termination Event” (each event which with notice or the passage of time or both would become a Purchase and Sale Termination Event being referred to herein as an “Unmatured Purchase and Sale Termination Event”): (a) the Termination Date shall have occurred; (b) any Originator shall fail to make when due any payment or deposit to be made by it under this Agreement or any other Transaction Document to which it is a party and such failure shall remain unremedied for three (3) Business Days; (c) any representation or warranty made or deemed to be made by any Originator under or in connection with this Agreement, any other Transaction Documents to which it is a party, or any other written information or report delivered pursuant hereto or thereto shall prove to have been incorrect or untrue in any material respect when made or deemed made or delivered; provided, that such circumstance shall not constitute a Purchase and Sale Termination Event if such representation or warranty, or such information or report, is part of an Information Package, is corrected promptly (but not later than two (2) Business Days) after the Originator has knowledge or receives notice thereof; provided, further that no breach of a representation or warranty set forth in Sections 5.5, 5.12, 5.20, 5.22, 5.23 or 5.27 shall constitute a Purchase and Sale Termination Event pursuant to this clause (c) if credit has been given for a reduction of the Purchase Price, the outstanding principal balance of the applicable Intercompany Loan has been reduced or the applicable Originator has made a cash payment to the Buyer, in any case, as required pursuant to Section 3.3(c) with respect to such breach; (d) any Originator shall fail to perform or observe any other term, covenant or agreement contained in this Agreement or any other Transaction Document to which it is a party on its part to be performed or observed and such failure shall continue unremedied for thirty (30) days after the such Originator has knowledge or receives written notice thereof; or (e) any Insolvency Proceeding shall be instituted against any Originator and such proceeding shall remain undismissed or unstayed for a period of sixty (60) consecutive days or any of the actions sought in such proceeding (including the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur.

  • Effective Date; Termination; Cancellation and Suspension Section 4.01. This Agreement shall come into force and effect on the date upon which the Development Credit Agreement becomes effective. Section 4.02. (a) This Agreement and all obligations of the Association and of Republika Srpska thereunder shall terminate on the earlier of the following two dates: (i) the date on which the Development Credit Agreement shall terminate; or (ii) a date twenty (20) years after the date of this Agreement.

  • Earlier Termination This Agreement may be terminated earlier as hereinafter provided.

  • CONDITIONS OF SETTLEMENT, EFFECT OF DISAPPROVAL, CANCELLATION OR TERMINATION 8.1 The Effective Date of the Stipulation shall be conditioned on the occurrence of all of the following events: (a) execution of the Stipulation and such other documents as may be required to obtain final Court approval of the Stipulation in a form satisfactory to the Settling Parties; (b) the Settlement Amount has been deposited with the Escrow Agent; (c) Defendants have not exercised their option to terminate the Stipulation pursuant to ¶8.4 hereof; (d) the Court has entered the Notice Order, substantially in the form of Exhibit A hereto, as required by ¶4.1 hereof; (e) the Court has entered the Judgment that, inter alia, dismisses with prejudice the Action, as to Plaintiffs and the Defendants, as set forth above; and (f) the Judgment has become Final, as defined in ¶1.10 hereof. 8.2 Upon the occurrence of all of the events referenced in ¶8.1 hereof, any and all remaining interest or right of Defendants in or to the Settlement Fund, if any, shall be absolutely and forever extinguished. If all of the conditions specified in ¶8.1 hereof are not met, then the Stipulation shall be canceled and terminated subject to ¶8.5 hereof unless Lead Counsel and counsel for Defendants mutually agree in writing to proceed with the Settlement. 8.3 The Settling Parties expect that, upon the occurrence of all of the events referenced in ¶8.1 hereof, the action captioned ▇▇▇▇▇▇ ▇▇▇▇ v. Camping World, et al., No. 2019-CH-02404 (Ill. Cir. Ct. Cook Cty.) will be subsequently dismissed, and will take all steps reasonably appropriate to seek such dismissal. 8.4 If, prior to the Settlement Hearing, Persons who otherwise would be members of the Class have timely requested exclusion from the Class in accordance with the provisions of the Notice Order and the Notice given pursuant thereto, and such Persons in the aggregate purchased or otherwise acquired a number of shares of Camping World common stock during the Class Period in an amount greater than the sum specified in a separate Supplemental Agreement Regarding Requests for Exclusion (“Supplemental Agreement”) executed between Plaintiffs and Camping World, Camping World shall have the sole option to terminate this Stipulation and Settlement in accordance with the procedures set forth in the Supplemental Agreement. The Supplemental Agreement will not be filed with the Court unless and until a dispute between Plaintiffs and Camping World concerning its interpretation or application arises. Copies of all requests for exclusion received, together with copies of all written revocations of requests for exclusion, shall be promptly delivered to Defendants’ counsel by Lead Counsel. Camping World may terminate the Stipulation and Settlement pursuant to the Supplemental Agreement by serving written notice of termination on the Court and Lead Counsel on or before seven (7) business days after the receipt of all of the copies of the requests for exclusion, on or before ten (10) business days after the Court grants additional time for exclusion for any reason, or on or before three (3) business days before the Settlement Hearing, whichever occurs last. In the event that the Camping World serves a written notice of termination pursuant to the Supplemental Agreement, Camping World may withdraw its written notice of termination by providing written notice of such withdrawal to Lead Counsel and to the Court by no later than 5:00 PM Eastern Time on the day prior to the Settlement Hearing, or by such later date as shall be agreed upon in writing as between Lead Counsel and Defendants’ counsel. Plaintiffs agree that they shall not elect to opt out from the Class. 8.5 Each of Plaintiffs and Defendants shall have the right to terminate the Settlement and this Stipulation by providing written notice of their election to do so (“Termination Notice”) to all other parties hereto within thirty (30) calendar days of: (a) the Court’s refusal to enter the Notice Order; (b) the Court’s refusal to approve the Settlement; (c) the Court’s refusal to enter the Judgment; (d) the date upon which the Judgment is reversed or vacated or altered following an appeal taken therefrom, or is successfully collaterally attacked; or (e) the failure of the Effective Date to occur for any reason. For avoidance of doubt, no order of the Court or modification or reversal on appeal of any order of the Court concerning the Plan of Allocation or the amount of attorneys’ fees, expenses and interest awarded by the Court to Lead Counsel or costs or awards to Plaintiffs shall operate to terminate or cancel this Stipulation or constitute grounds for cancellation or termination of the Settlement. 8.6 Unless otherwise ordered by the Court, in the event the Stipulation shall terminate, or be canceled, or shall not become effective for any reason, within five (5) business days after written notification of such event is sent by counsel for Defendants or Lead Counsel, the Settlement Fund (including accrued interest), less expenses which have either been incurred or disbursed pursuant to ¶¶3.7 or 3.8 hereof, shall be refunded pursuant to written instructions from Defendants’ counsel. At the request of counsel for Defendants, the Escrow Agent or their designee shall apply for any tax refund owed on the Settlement Fund and pay the proceeds, after deduction of any expenses incurred in connection with such application(s) for refund, at the written direction of Defendants’ counsel. 8.7 In the event that the Stipulation is not approved by the Court or the Settlement set forth in the Stipulation is terminated or fails to become effective in accordance with its terms, the Settling Parties shall be restored to their respective positions in the Action as of August 16, 2019. In such event, the terms and provisions of the Stipulation, with the exception of ¶¶1.1-1.28, 3.7-3.9, 7.2, 8.4-8.6 and 9.3-9.5 hereof, shall have no further force and effect with respect to the Settling Parties and shall not be used in this Action or in any other proceeding for any purpose, and any Judgment or order entered by the Court in accordance with the terms of the Stipulation shall be treated as vacated, nunc pro tunc, and the Settling Parties shall be deemed to return to their status as of August 16, 2019, and shall be required to present an amended trial schedule to the Court. No order of the Court or modification or reversal on appeal of any such order of the Court concerning the Plan of Allocation or the amount of any attorneys’ fees, costs, and expenses, and interest awarded by the Court to Lead Counsel or Plaintiffs shall constitute grounds for cancellation or termination of the Stipulation.

  • Term Termination and Survival 9.1 This Agreement shall commence as of the Effective Date and shall continue thereafter until the completion of the Services under all Statements of Work unless sooner terminated pursuant to Section 9.2 or Section 9.3. 9.2 Either Party may terminate this Agreement, effective upon written notice to the other Party (the “Defaulting Party”) if the Defaulting Party: (a) Materially breaches this Agreement, and such breach is incapable of cure, or with respect to a material breach capable of cure, the Defaulting Party does not cure such breach within 30 days after receipt of written notice of such breach. (b) Becomes insolvent or admits its inability to pay its debts generally as they become due. (c) Becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law, which is not fully stayed within seven business days or is not dismissed or vacated within 45 business days after filing. (d) Is dissolved or liquidated or takes any corporate action for such purpose. (e) Makes a general assignment for the benefit of creditors. (f) Has a receiver, trustee, custodian, or similar agent appointed by order of any court of competent jurisdiction to take charge of or sell any material portion of its property or business. 9.3 Notwithstanding anything to the contrary in Section 9.2(a), TAI may terminate this Agreement upon written notice to ▇▇▇ upon the occurrence of any of the following events (each of the following, a “Specified Event of Default”): (a) ▇▇▇ fails to pay any undisputed amount when due hereunder and such failure continues for 30 days after ▇▇▇’s receipt of written notice of nonpayment; (b) ▇▇▇ fails to timely achieve, complete, or pass any of the ▇▇▇ Caravan STC Milestone Requirements by the applicable ▇▇▇ Completion Date (subject to the applicable cure period) as set forth in Exhibit A as determined in the good faith discretion of TAI; provided that, the applicable ▇▇▇ Completion Dates shall be equitably adjusted to the extent ▇▇▇ is not able to achieve, complete or pass any ▇▇▇ Caravan STC Milestone Requirement or such ▇▇▇ Caravan STC Milestone Requirement is not otherwise met, in each case as a result of (a) the material breach of TAI of its obligations hereunder or (b) the occurrence of a Force Majeure Event, with an extension to the corresponding ▇▇▇ Completion Date commensurate with the delay caused by such TAI breach or Force Majeure Event, provided, however, that no extension related to a Force Majeure Event shall be longer than 45 days; (c) the occurrence of a “Change of Control”, which means (i) the acquisition by any Person of ownership or power to vote more than 49% of the voting stock of ▇▇▇ by means of any transaction or series of related transactions (including any reorganization, merger or consolidation, but excluding any business combination with a SPAC by ▇▇▇ or its Affiliate completed prior to the one (1) year anniversary of the date hereof), (ii) the acquisition of ownership or power to vote more than 10% of the voting stock of ▇▇▇ by a TAI competitor, (iii) a sale of all or substantially all of the assets of ▇▇▇, (iv) a material change of ▇▇▇’s senior leadership occurring prior to the five (5) year anniversary of the date hereof, in each case of the foregoing clauses (i) – (iv), directly or indirectly, including as to any successor of ▇▇▇;