Termination for Absolute Default Sample Clauses
The 'Termination for Absolute Default' clause allows one party to immediately end the contract if the other party commits a serious or fundamental breach that goes to the heart of the agreement. Typically, this applies to situations where a party fails to perform essential obligations, such as non-payment or failure to deliver critical goods or services, and such breaches are not capable of being remedied. The core function of this clause is to provide a clear and decisive remedy for the non-breaching party, enabling them to exit the contract swiftly when the other party's default undermines the entire purpose of the agreement.
Termination for Absolute Default. This Agreement shall be terminated upon the following events:
Termination for Absolute Default. This Agreement shall be terminated upon the following events: failure by the Consortium Members to perform the contractual obligations, except if they are lawfully waived; judicial or extrajudicial reorganization, with no submission of an approved reorganization plan able to demonstrate to ANP its economic and financial capacity to fully perform all contractual and regulatory obligations. In case of item “a”, before termination of the Agreement, ANP shall notify the Consortium Members to perform the obligation not performed within a term of no less than ninety (90) days, except when extremely urgent. After confirming the absolute default, the Contractor shall be granted a ninety (90)-day period, or shorter, when extremely urgent, to formalize before ANP the request for Assignment of its undivided share in the rights and obligations of this Agreement, under penalty of imposition of the penalties provided for in this Agreement, in addition to contract termination. In case of more than one Contractor, and if the Assignment provided for in paragraph 32.4.2 is not performed, the Contracting Party shall only terminate this Agreement with respect to the defaulting party, and its undivided share in the rights and obligations of this Agreement is divided between the other non-defaulting Contractors, in the proportion of their shares, upon prior and express approval by the Contracting Party, based on ANP’s opinion.
Termination for Absolute Default. Resolution
Termination for Absolute Default. Resolution Consequences of Extinction
Termination for Absolute Default. This Agreement shall be terminated upon the following events: failure by the Concessionaire to perform the contractual obligations within the term established by ANP, except if they are lawfully waived; or judicial or extrajudicial reorganization, with no submission of an approved reorganization plan able to demonstrate to ANP its economic and financial capacity to fully perform all contractual and regulatory obligations. To entail termination of the Agreement, the term referred to in item “a” may not be shorter than ninety (90) days, except when extremely urgent. After confirming the absolute default, the Concessionaire shall be granted a ninety (90)-day period, or shorter, when extremely urgent, to formalize before ANP the request for Assignment of its undivided share in the rights and obligations of this Agreement, under penalty of imposition of the penalties provided for in this Agreement, in addition to contract termination. In case of a Consortium, termination shall be effective only with respect to the defaulting party, when there is no joint obligation between the consortium members, which defaulting party is allowed to transfer its undivided share in the rights and obligations of this Agreement to the other consortium members or to third parties, upon prior and express approval of ANP.