Common use of Contract Term and Termination Clause in Contracts

Contract Term and Termination. 1. This Contract is concluded for a definite period of time, namely for the period of validity of the appointment of STC an issuer of unique identifiers. 2. During the period of validity of the appointment of STC an issuer of unique identifiers, the Contract may be terminated as follows: a) By a written agreement of the Contracting Parties according to the provision of Section 1981 of the Civil Code, while the Contract termination shall take effect at the moment determined in the agreement; the agreement shall also include an arrangement on settlement of mutual obligations and liabilities; b) By a written notice of withdrawal from the Contract under the terms and conditions determined in the provision of Section 2002 of the Civil Code in the event either Contracting Party breaches the Contract seriously; c) By a written notice of termination of the Ordering Party with a notice period of 3 months if the Issuer announces a change in the terms and conditions specified in the Operating Rules or STC API Specification, within the meaning of Article I (8) hereof; and the Ordering Party does not agree with such a change; d) By a written notice of termination of the Issuer with a notice period of 3 months if, during the negotiations of the Contracting Parties within the meaning of Article V (5) hereof or Article XII (6) hereof, the Contracting Parties reach no agreement concerning a change in the Price or in other terms and conditions hereof within 3 months following the start of such negotiations. 3. The Contracting Parties are entitled to withdraw from the Contract under the terms and conditions determined hereby. A withdrawal shall take effect on the date of delivery of the written notice of withdrawal to the other Contracting Party. All rights and obligations of the Contracting Parties under this Contract shall expire upon the withdrawal from this Contract except for those the nature of which clearly implies that they should continue. However, a withdrawal from the Contract shall not affect the entitlement to compensation for damage caused by a breach of the Contract and of the confidentiality obligation. The Contracting Parties shall keep the performance that they provided to each other before the effect date of the withdrawal from the Contract. 4. The Contracting Parties agree that the following shall be regarded as fundamental breach of Contract: a) Repeated delay of the Issuer of more than 15 days in the handover of UIs more than three times; b) Delay of the Ordering Party of more than 30 days with payment of two or more invoices; c) Bankruptcy is declared for the assets of the other Contracting Party or a proposal of bankruptcy is rejected for insufficient assets, or the other Contracting Party goes bankrupt, becomes insolvent, enters liquidation, negotiates with creditors concerning terms of a debt settlement, or an insolvency administrator, a trustee in bankruptcy, an administrator appointed in favour of creditors continues in the activity of the other Contracting Party, or a step or event occurs that would have (according to the applicable law) an effect similar to any of the steps or events above; In other cases and when in doubt, a breach of the Contract shall not be considered fundamental.