Termination in Event of Default Clause Samples
The 'Termination in Event of Default' clause allows one party to end the contract if the other party fails to meet significant obligations or breaches key terms. Typically, this clause outlines what constitutes a default—such as non-payment, insolvency, or failure to perform—and may require written notice before termination becomes effective. Its core function is to provide a clear and enforceable mechanism for exiting the agreement when serious breaches occur, thereby protecting parties from ongoing risk or loss due to the other party's default.
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Termination in Event of Default. This Agreement may be terminated upon the occurrence of any of the following events of default and in the manner specified hereunder:
18.2.1 In the event that the Level of Delivery falls below thirty percent (30%) or the Level of Lifting falls below thirty percent (30%), the Purchaser or the Seller, as the case may be, shall have the right to terminate this Agreement, after providing the other Party with prior written notice of not less than thirty (30) days.
18.2.2 Notwithstanding the provisions of Clause 15.5, in the event that the matter pertains to Clause 15.1.2, the Seller shall have the right to terminate this Agreement forthwith without any liabilities or damages, whatsoever, payable to the Purchaser.
18.2.3 In the event of continuation of suspension for a continuous period of six (6) Months pursuant to Clause 15.1.1 and Clause 15.1.3, the Seller shall have the right to terminate this Agreement by providing a prior written notice of thirty (30) days to the Purchaser.
18.2.4 In the event that either Party suffers insolvency, appointment of liquidator (provisional or final), appointment of receiver of any of material assets, levy of any order of attachment of the material assets, or any order or injunction restraining the Party from dealing with or disposing of its assets and such order having been passed is not vacated within sixty (60) days, the other Party shall be entitled to terminate this Agreement by giving prior written notice of thirty (30) days to the first Party.
18.2.5 In the event that any Party commits a breach of term or condition of this Agreement (“Defaulting Party”) not otherwise specified under this Agreement, the other Party (“Non- Defaulting Party”), shall have the right to terminate this Agreement after providing the Defaulting Party thirty (30) days prior written notice and the breach has not been cured or rectified to the satisfaction of the Non-Defaulting Party within the said period of thirty (30) days.
18.2.6 Upon the occurrence of any event which gives rise to termination of this Agreement in accordance with the provisions of the CPP SOP.
Termination in Event of Default. Either Party may terminate this ------------------------------- Agreement immediately upon written notice to the other Party under any of the following circumstances, each of which shall constitute an Event of Default:
(i) the other Party makes an assignment for the benefit of creditors (other than solely as an assignment of moneys due); (ii) the other Party becomes unable to pay its debts as they become due, unless assurance satisfactory to the terminating Party is provided within thirty (30) days of receipt of its notice of termination hereunder; or (iii) the other Party becomes the subject of a proceeding, whether voluntary or involuntary, under the bankruptcy or insolvency laws of the United States or any other jurisdiction, unless such proceeding is dismissed or withdrawn within forty-five (45) days of the non-defaulting Party's receipt of the defaulting Party's notice of termination hereunder.
Termination in Event of Default. Notwithstanding the provisions of Clause 2
16.2. 1 In the event that the Level of Delivery (LD) falls below thirty percent (30%) or the Level of Lifting (LL) falls below thirty percent (30%), the Purchaser or the Seller as the case may be, shall have the right to terminate this Agreement, after providing the other Party with prior written notice of not less than thirty (30) days However, such notice is to be issued within sixty (60) days of the end of the relevant Year.
Termination in Event of Default. Lessor shall have, in the event of default by Lessee, in addition to other rights and remedies at law or equity, the right to either terminate this agreement or to continue this agreement in full force and effect. Unless otherwise provided herein, this agreement shall be terminated only upon Lessor’s notification of Lessee in writing of Lessor’s termination of the agreement or upon the institution by Lessor of a judicial proceeding for the primary purpose of termination of the agreement which in fact results in a termination of Lessee’s right of possession of the premises. In no event shall the following actions by Lessor, either before or after abandonment of the Leasehold Premises by Lessee constitute a termination of this lease: maintenance or preservation of the premises, efforts to relet the premises, or appointment of a receiver to protect Lessor’s interest hereunder. If Lessor elects to terminate this lease, Lessor shall, without liability to Lessee, have the right to immediately reenter the Leasehold Premises, remove all persons and property therefrom, and store any property so removed in a public warehouse, or elsewhere, at the cost of and to the account of Lessee; provided that the Lessee shall have the right after reasonable notice to monitor the removal and storage of any lab equipment.
Termination in Event of Default. An Event of Default shall be any breach of this Agreement. The Lender shall give two (2) days notice to cure any Event of Default. In addition to the right of termination set out in Article 2.2, the Lender may, in the Event of Default by the Borrower or the Student, terminate this Agreement upon one (1) days notice after the two (2) day period for rectification of default has passed if rectification to the satisfaction of the Lender has not occurred.
Termination in Event of Default. If an Event of Default, as defined above, occurs, the Party not in default shall, in addition to any other rights and remedies provided by law, have the right to immediately suspend its performance to the Party in default or to immediately terminate this Agreement.
Termination in Event of Default. In the event that either Party is responsible for an Event of Default, the other Party may, by giving notice in writing while such Event of Default is continuing, terminate this Agreement, setting out the reasons and referring to this provision of this Agreement; provided, however, that this Section 8.2 shall not be applicable where Section 5.7 of this Agreement is applicable and such termination shall not release the Party responsible for an Event of Default from making all payments then due to the other Party.
Termination in Event of Default. In the event of Default, as defined in this § 4.3, the non-defaulting Party may terminate the Agreement provided that the non-Defaulting Party so advises the defaulting Party in writing (such notice, a “Default Notice”) of the event of the alleged Default and the defaulting Party does not cure the alleged Default within thirty (30)
4.3.1 Either Party’s insolvency or initiation of bankruptcy or receivership proceedings by or against the Party; or
4.3.2 A final non-appealable decision under § 11.0, Dispute Resolution, that a Party has materially breached any of the material terms or conditions of this Agreement, including the failure to make an undisputed payment when due; or
4.3.3 A Party has notified the other Party in writing of the other Party’s material breach of any of the material terms of this Agreement, and the Default remains uncured for thirty
Termination in Event of Default. In the event that the Level of Delivery falls below thirty percent (30%) or the Level of Lifting falls below thirty percent (30%), the Purchaser or the Seller, as the case may be, shall have the right to terminate this Agreement, after providing the other Party with prior written notice of not less than thirty (30) days. However, such notice is to be issued within 60 (sixty) days of the end of the relevant Year; provided that the Seller shall not have a right to terminate the Agreement pursuant to this sub-clause in the event that the Level of Lifting by the Purchaser falls below 30% (thirty per cent.) solely on account of the fact that the Purchaser has been unable to lift the Scheduled Quantity due to shortfall in the quantity necessary for formation of rake for transportation through rail mode; In the event that either Party suffers insolvency, appointment of liquidator (provisional or final), appointment of receiver of any of material assets, levy of any order of attachment of the material assets, or any order or injunction restraining the Party from dealing with or disposing of its assets and such order having been passed is not vacated within 60 (sixty) days, the other Party shall be entitled to terminate this Agreement by giving prior written notice of thirty (30) days to the first Party. In the event of termination of the PPA.
Termination in Event of Default. In the event that either Party suffers insolvency, appointment of liquidator (provisional or final), appointment of receiver of any of material assets, levy of any order of attachment of the material assets, or any order or injunction restraining the Party from dealing with or disposing of its assets and such order having been passed is not vacated within 60 (sixty) days, the other Party shall be entitled to terminate this Agreement by giving prior written notice of thirty (30) days to the first Party. In the event of termination of the PPA, the FSA shall stand terminated in case the Utility does not exercise its right of substituting the Purchaser in accordance with the terms of the PPA and the same is communicated to the Seller within 180 days of the termination of the PPA. Such substitution shall be allowed by the Seller subject to complete settlement of all outstanding claims of the Seller as on the date from which the substitution is effected.