Termination by Pfizer for Cause, Bankruptcy Event; Termination by Licensee for Convenience Clause Samples

This clause defines the circumstances under which Pfizer may terminate the agreement for cause or in the event of the other party's bankruptcy, as well as the conditions under which the licensee may terminate the agreement for convenience. In practice, Pfizer can end the contract if the licensee breaches material terms or becomes insolvent, while the licensee is permitted to terminate without needing to prove fault or breach, typically by providing advance written notice. The core function of this clause is to allocate termination rights fairly between the parties, providing Pfizer with protection against significant breaches or financial instability, and giving the licensee flexibility to exit the agreement if needed.