Common use of Continuity provisions Clause in Contracts

Continuity provisions. 1. A contracting party joined in bankruptcy proceedings, placed under a court order or against whom proceedings are otherwise brought for asserted or actual insolvency or financial mismanagement will so immediately advise the other party in writing. 2. On a change in the management, structure or legal form of the undertaking, the party concerned will immediately advise the other party in writing. 3. On a situation arising as under paragraph 1 or 2, the other party will be entitled to ask for security for fulfilment of the agreement or to terminate the agreement with immediate effect, at choice. Termination will be processed as laid down elsewhere in this agreement.

Continuity provisions. 1. A contracting party joined in bankruptcy proceedings, placed under a court order or against whom proceedings are otherwise brought for asserted or actual insolvency or financial mismanagement will so immediately advise the other party in writing. 2. On a change in the management, structure or legal form of the undertaking, the party concerned will immediately advise the other party in writingwriti ng. 3. On a situation arising as under paragraph 1 or 2, the other party will be entitled to ask for security for fulfilment of the agreement or to terminate the agreement with immediate effect, at choice. Termination will be processed as laid down elsewhere in this agreement.