Common use of Cancellation of the Contract Clause in Contracts

Cancellation of the Contract. The Customer can cancel the Contract which will bring about the closure of its Payment Account by registered mail with notice of receipt giving a month’s notice. They must maintain the sufficient provision for the completion of the Payment Transactions during the notice period necessary for their completion and the payment of all charges due from them. LEMON WAY can cancel the Contract which will bring about the closure of its Payment Account by registered mail with notice of receipt giving two months’ notice. In the event of a serious violation by one Party, the framework contract can be canceled with immediate effect by a simple written notice by either Party. Serious violations by the Customer are understood as: communication of false information, illegal activity, contravening proper morals, money laundering or financing terrorism, threats against LEMON WAY staff or Partner Website, default in payment, disrespect of a Customer obligation under these rules, termination of relationships between the Customer and the Partner, indebtedness or for legal persons the appointment of a legal agent, administrator, the opening of a grievance procedure, or liquidation. Serious violations by LEMON WAY are understood as: the communication of false information, disrespect of an obligation under these rules, the appointment of a legal agent, administrator, the opening of a grievance procedure, or liquidation. In the event of modification of the applicable regulations and interpretation which is carried out by the Regulating Authority affecting the capacity of LEMON WAY or their legal agent to execute Payment Transactions, the Contract will automatically be canceled. The Customer will be unable transmit a Payment Order from the effective date of the cancellation. The Account can be maintained for a period of 15 months to cover disputes and later complaints. The Payment Transactions initiated before the effective date of the cancellation will not be challenged by the request for cancellation and must be executed in the terms of the Contract. The cancellation of the Contract brings about the definitive closure of the Payment Account. The closure of the Payment Account cannot give cause for any indemnity no matter whether any damages are created by the closure of this Payment Account. The Customer whose Account has been closed by LEMON WAY is not authorized, except with express permission from LEMON WAY, to open another Payment Account. Any Payment Account opened in violation of this provision can be immediately closed by LEMON WAY, without notice. The Provision on the Payment Account subject to closure will provide the right of a wire transfer to the benefit of the owning Customer from this account following their instructions subject to the transactions in progress and arrears, bank rejections, or future disputes. If a successor is designated by LEMON WAY, they will be able to be propose that the Customer close their Payment Account and transfer the Provision to a new Payment Account open in the ledgers of the establishment designated as the successor. LEMON WAY reserves the right to demand compensation in court as a result of the violation of the Contract. The closure of the Payment Account can give cause for fees in accordance with article L. 314-13 of the Monetary and Financial Code.