TERMINATION NOTICE FOR FORCE MAJEURE EVENTS. If a Force Majeure Event continues or is in the reasonable judgment of the Parties likely to continue beyond a period of 60 (sixty) days, the Parties may mutually decide to terminate this Contract or continue this Contract on mutually agreed revised terms. If the Parties are unable to reach a settlement in this regard, either Party shall after the expiry of the said period of 60 (sixty) consecutive days, be entitled to terminate this Contract by giving written notice to the other Party, in which case, neither Party shall have the right to claim Damages from the other Party except Termination Payment as per Clause 20.8, and upon issue of such Termination Notice, this Contract shall, notwithstanding anything to the contrary contained herein, stand terminated forthwith; provided that before issuing such Termination Notice, the Party intending to issue the Termination Notice shall inform the other Party of such intention and grant 15 (fifteen) days’ time to make a representation, and may after the expiry of such 15 (fifteen) days period, whether or not it is in receipt of such representation, in its sole discretion issue the Termination Notice.
Appears in 4 contracts
Samples: Escrow Agreement, Model Contract, mohua.gov.in
TERMINATION NOTICE FOR FORCE MAJEURE EVENTS. If a Force Majeure Event continues or is in the reasonable judgment of the Parties likely to continue beyond a period of 60 (sixty) days, the Parties may mutually decide to terminate this Contract or continue this Contract on mutually agreed revised terms. If the Parties are unable to reach a settlement in this regard, either Party shall after the expiry of the said period of 60 (sixty) consecutive days, be entitled to terminate this Contract by giving written notice to the other Party, in which case, neither Party shall have the right to claim Damages from the other Party except Termination Payment as per Clause 20.8Clause20.8, and upon issue of such Termination Notice, this Contract shall, notwithstanding anything to the contrary contained herein, stand terminated forthwith; provided that before issuing such Termination Notice, the Party intending to issue the Termination Notice shall inform the other Party of such intention and grant 15 (fifteen) days’ time to make a representation, and may after the expiry of such 15 (fifteen) days period, whether or not it is in receipt of such representation, in its sole discretion issue the Termination Notice.
Appears in 3 contracts
Samples: Model Contract, Model Contract, Model Contract
