TERMINATION नमुना कलम
TERMINATION. (a) This agreement may be terminated by the Licensor on giving to the Licensee a 15 days’ notice in writing if the Licensee commits any breach of the terms and conditions herein contained or if the Licensee fails and/or neglects to observe or comply with any of the covenants on its part herein contained for any reason whatsoever provided the breach is not remedied within 15 days of receiving intimation of the same from the Licensor.
(b) Either of the parties shall be entitled to terminate this agreement by giving a notice in writing of 30 days without assigning any reason whatsoever.
(c) Notwithstanding anything contained in this agreement, it is hereby agreed and declared that if the Licensee passes a resolution for voluntary winding up or if it is unable to pay its debits, or if comprises with the creditors or if a receiver is appointed of its property or if a petition is filed under the Companies Act, 2013 for winding up of the Licensee or if the Licensee does anything which renders it liable to the wound up or if the Licensee voluntarily or involuntarily becomes the subject of proceedings under any Bankruptcy or insolvency laws or on the Licensee being amalgamated or taken over by any other Company, firm or business entity or if the Licensee takes any action for its reorganization, liquidation or dissolution, then in any of such events this Agreement shall Ipso facto stands terminated and thereupon the Licensee or persons or authority in whom the estate of the Licensee is vested shall forthwith hand over charge of the said premises to the Licensor, failing which, the Licensor shall be entitled to prevent the Licensee from entering upon the said premises or any part thereof and to dispose of or deal with the goods, if any, lying or being at the said premises.
TERMINATION. If ULB or implementation company, having become entitled to do so decides to terminate this Agreement pursuant to the preceding clause (termination due to event by default), it shall issue Termination Notice of 60 days setting out: in enough detail the underlying Event of Default;
I. the Termination Date which shall be a date occurring not earlier than 60 days from the date of Termination Notice;
II. the estimated Termination Payment including the details of computation thereof and; any other relevant information The Termination Payment, if any, payable by the ULB is paid to the implementation company before the Termination Date o In case of termination, ULB shall be liable to pay 90% of project cost as compensation to the implementation company minus the amount paid till termination of the agreement. On receiving the due payment, the Project Facilities are handed over to UDD by the implementation company on the Termination Date.