Common use of Termination for Cause or Insolvency Clause in Contracts

Termination for Cause or Insolvency. If a party defaults in the performance of any material provision of this Agreement, then the non-defaulting party may give written notice to the defaulting party that if the default is not cured within thirty (30) days, the Agreement will be terminated. If the non-defaulting party gives such notice and the default is not cured during the thirty (30) day period, then the Agreement shall automatically terminate at the end of that thirty (30) day period. In addition, this Agreement shall terminate, without notice, (i) upon the institution by or against Partner or Concur of insolvency, receivership or bankruptcy proceedings or any other proceedings for the settlement of such party's debts, which, if involuntary, are not dismissed within ninety (90) days, (ii) upon Partner's or Concur's making an assignment for the benefit of creditors, or (iii) upon either Partner's or Concur's dissolution.