TERMINATION OR RESCISSION OF THE CONTRACT Sample Clauses
TERMINATION OR RESCISSION OF THE CONTRACT. 10.1. Notwithstanding the provisions in 18.6., this Contract may be terminated by the Policyholder, at the date of renewal thereof, upon previous communication addressed to the Insurance Company at least thirty (30) days in advance.
10.2. The Insurance Company expressly waives the right to rescind the Contract for a period of five (5) annuities, which is automatically and successively extended as of the date of annual renewal. The Insurance Company may rescind the Contract only upon formal notice to the Policyholder at least five (5) years before the date of effectiveness thereof.
10.3. The Insurance Company may also rescind the Contract in the cases provided for in the Law, namely as a consequence of:
a) Failure to pay the premium, as provided for in article 16;
b) Fraud or attempted fraud by the Policyholder and/or the Insured/Insured Person, or also by the Beneficiary with their knowledge;
c) Failure to comply with the contractual obligations undertaken by the Policyholder and/or the Insured/Insured Person essential to the maintenance of the contract under the terms it was accepted.
10.4. If the termination or rescission of the Contract occurs according to the aforementioned terms, the Insurance Company shall communicate it to the Beneficiary, where the benefits are considered irrevocable under the terms and provisions in article 18.
TERMINATION OR RESCISSION OF THE CONTRACT. 1. Each Party shall have the right to rescind the Contract (in whole or in part) where the other Party fails to comply with the time-limits of the contractual obligations, there is a gross breach of the contractual obligations specified in par. 4, the Contractor forfeits the licences required for the Contract performance or arising hereunder. The right to rescind the Contract shall be vested upon the elapse of 14 days from the day of serving a written notice of a failure to comply with the contractual time-limit, unless the obligation that was not fulfilled within the time-limit specified herein or fulfilled improperly is fulfilled within 14 days from the day of serving a written notice of the failure to fulfil it or improper fulfilment thereof or any other relevant time-limit agreed in writing by the Parties.
2. Where the Contract is rescinded for the reason specified in par. 1, the rescinding Party shall receive from the other Party an amount of 15% of the gross non-performed value of the Contract provided that the other Party is responsible for the situation.
3. In the case of a gross breach of a Party's contractual obligations, the other Party shall have the right to terminate the Contract without notice, and the Party in breach shall pay to the other Party a contractual penalty amounting to 15% of the gross non-performed Contract value.
4. A gross breach of the obligations referred to in par. 3 shall be understood as:
a) failure to process the warranty claims received from the Contracting Authority hereunder three times;
b) failure to comply with lead-times of warranty claims agreed by the Parties three consecutive times.
5. Where a significant circumstance changes resulting in the Contract performance not being in public interest, which could not have been foreseen on conclusion hereof, the Contracting Authority may rescind the Contract within 30 days of becoming aware of such circumstances. In such a case, the Contractor may demand remuneration payable only for the actually performed part of the Contract.
6. Notwithstanding the grounds for rescinding or terminating under generally applicable laws and the provisions specified herein, the Contracting Authority may rescind the Contract in whole or in part during the entire term hereof, where:
a) the bankruptcy petition is filed against the Contractor, or
b) the liquidation proceeding is initiated against the Contractor, or
c) the Maintenance Organisation forfeits the authorisations necessary for the Co...
TERMINATION OR RESCISSION OF THE CONTRACT. 10.1. Notwithstanding the provisions in 18.6., this Contract may be terminated by the Policyholder, at the date of renewal thereof, upon previous communication addressed to the Insurance Company at least thirty (30) days in advance.