Termination due to Liquidation Sample Clauses
The 'Termination due to Liquidation' clause allows a contract to be ended if one of the parties enters into liquidation, such as bankruptcy or insolvency proceedings. In practice, this means that if a party is declared insolvent or begins formal liquidation, the other party has the right to terminate the agreement immediately, often without penalty. This clause protects parties from being bound to contracts with entities that are no longer financially viable, thereby minimizing risk and ensuring that obligations are not left unfulfilled due to a party's insolvency.
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Termination due to Liquidation. GW or NOVARTIS at its sole option may immediately terminate this Agreement upon written notice, but without prior advance notice, to the other Party upon the liquidation, dissolution, winding-up, insolvency, bankruptcy, assignment for the benefit of creditors, or filing of any petition therefore, appointment of a receiver, custodian or trustee, or any other similar proceeding, by or of the other Party where such petition, assignment or similar proceeding is not dismissed or vacated within ninety (90) calendar days.
Termination due to Liquidation. SUPPLIER or NOVARTIS at its sole option may immediately terminate this Agreement upon written notice, but without prior advance notice, to the other party upon the liquidation, dissolution, winding-up, insolvency, bankruptcy, assignment for the benefit of creditors, or filing of any petition therefor, appointment of a receiver, custodian or trustee, or any other similar proceeding, by or of the other party where such petition, assignment or similar proceeding is not dismissed or vacated within ninety (90) days.
Termination due to Liquidation. Supplier or Customer at its sole option may immediately terminate this Agreement upon written notice, but without prior advance notice, to the other Party upon the liquidation, dissolution, winding‑up, insolvency, bankruptcy, assignment for the benefit of creditors, or filing of any petition therefore, appointment of a receiver, custodian or trustee, or any other similar proceeding, by or of the other Party where such petition, assignment or similar proceeding is not dismissed or vacated within [***].