Common use of Asset Disposal Clause in Contracts

Asset Disposal. 53.1 The Participant must promptly notify Defence as soon as practicable after it becomes aware that an Asset Disposal is likely to occur and seek Defence approval of the Asset Disposal. 53.2 Defence must act reasonably in deciding whether to approve a proposed Asset Disposal and notify the Participant of its decision including any conditions to approval as soon as practicable. 53.3 Defence may terminate this contract by notice to the Participant if an Asset Disposal of the Participant occurs during the Term without Defence’s approval.

Asset Disposal. 53.1 31.1 The Participant must promptly notify Defence as soon as practicable after it becomes aware that an Asset Disposal is likely to occur and seek Defence approval of the Asset Disposal. 53.2 31.2 Defence must act reasonably in deciding whether to approve a proposed Asset Disposal and notify the Participant of its decision including any conditions to approval as soon as practicable. 53.3 Defence may terminate this contract by notice to the Participant if an Asset Disposal of the Participant occurs during the Term without Defence’s approval.

Asset Disposal. 53.1 31.1 The Participant must promptly notify Defence as soon as practicable after it becomes aware that an Asset Disposal is likely to occur and seek Defence approval of the Asset Disposal.Disposal.‌ 53.2 31.2 Defence must act reasonably in deciding whether to approve a proposed Asset Disposal and notify the Participant of its decision including any conditions to approval as soon as practicable. 53.3 Defence may terminate this contract by notice to the Participant if an Asset Disposal of the Participant occurs during the Term without Defence’s approval.