Cancellation and Termination Rights Clause Samples

Cancellation and Termination Rights. (1) mp-tec is entitled, above and beyond the legal rights of withdrawal, to withdraw from the contract or to terminate the contract with immediate effect if • the Supplier has ceased deliveries to its Customers, • a significant deterioration of the financial circumstances of the Supplier occurs or may occur, thereby jeopardizing the fulfillment of an obligation to deliver to us, • the Supplier becomes insolvent or over-indebted. (2) mp-tec is also entitled to withdraw from or terminate the contract if the Supplier applies for the opening of insolvency proceedings or for comparable proceedings against its assets to settle its debts. (3) If the Supplier has effected a partial performance, mp-tec is entitled to rescind the entire contract only if mp-tec has no interest in the partial performance. (4) If mp-tec withdraws from or announces withdrawal from the contract based on the foregoing right to do so, the Supplier must compensate mp-tec for ensuing damages, unless the Supplier is not responsible for the availment of the right to cancellation or termination. (5) Legal rights and claims are not restricted by the rules under VIII.

Cancellation and Termination Rights. The services provided by Marathon to Customer are governed by the terms and conditions of this Agreement. Marathon shall have the right to terminate this Agreement in the event of a Breach of the term(s) of the Agreement by Customer. If Customer, EDC or Marathon terminates this Agreement prior to the end of the Initial Term the Customer shall pay Early Termination Fees unless the termination results from proposed changes by Marathon to these Terms and Conditions or Customer relocates.