Common use of Contract Term and Termination Clause in Contracts

Contract Term and Termination. 10.1. This Contract is concluded for an indefinite term. 10.2. This Contract may be terminated by the agreement between the Bank and the Customer. 10.3. The Contract may be terminated upon the initiative of either the Bank or of the Customer or its legal successors who prove their capacity in a manner deemed satisfactory for the Bank, by complying with a 30-day notice if terminated by the Customer and with a two months notice if terminated by the Bank. 10.4. In case of a joint account, the Contract may be terminated upon the initiative of one of the Holders. The obligation of notifying the other Holders regarding the closure of account(s) belongs to the Holder who requests the termination of the legal relations with the Bank or the closure of the joint account(s), and the liability of the Bank cannot be incurred in any situation caused by the closure of the account(s). 10.5. The Customer cannot terminate the Contract if unavailability measures are imposed according to the law. 10.6. In addition to any other cases provided in this Contract and/or in the special contracts regarding banking products and services, the Bank is entitled to order the termination of this contract and to close any Customer account, without notice and without fulfilling any formalities, in any of the following situations: a) the account has not been used for a period of 6 months; b) the available funds from the account in the last 3 months are not enough for covering the banking costs necessary to be maintained in the records of the Bank; c) the Customer delays the payment of any amounts due to the Bank; d) occurrence of at least two payment incidents; e) defective Bank- Customer relationship; f) delays and/or refusal to submit modifications on the legal documents related to the current account (including for applying the FATCA/CRS requirements); g) failure to submit the support documents corresponding to the ordered transactions; h) the Bank receives negative information about the Customer's reputation; i) the Customer shows disrespect in its attitude toward the Bank or its employees;

Contract Term and Termination. 10.1. This Contract is concluded for an indefinite term. 10.2. This Contract may be terminated by the agreement between the Bank and the Customer. 10.3. The Contract may be terminated upon the initiative of either the Bank or of the Customer or its legal successors who prove their capacity in a manner deemed satisfactory for the Bank, by complying with a 30-day notice if terminated by the Customer Customer, but only after all the Customer’s debts towards the Bank have been paid and with a two months notice if terminated by the Bank. 10.4. In case of a joint account, the Contract may be terminated upon the initiative of one of the Holders. The obligation of notifying the other Holders regarding the closure of account(s) belongs to the Holder who requests the termination of the legal relations with the Bank or the closure of the joint account(s), and the liability of the Bank cannot be incurred in any situation caused by the closure of the account(s). 10.5. The Customer cannot terminate the Contract if unavailability measures are imposed according to the law, unless he submits to the Bank the express and unequivocal consent to close the account, issued by the authority that ordered the measure of unavailability. 10.6. In addition to any other cases provided in this Contract and/or in the special contracts regarding banking products and services, the Bank is entitled to order the termination of this contract and to close any Customer account, without notice and without fulfilling any formalities, in any of the following situations: a) the account has not been used for a period of 6 months; b) the available funds from the account in the last 3 months are not enough for covering the banking costs necessary to be maintained in the records of the Bank; c) the Customer delays the payment of any amounts due to the Bank; d) occurrence of at least two payment incidents; e) defective Bank- Customer relationship; f) delays and/or refusal to submit modifications on the legal documents related to the current account (including for applying the FATCA/CRS requirements); g) failure to submit the support documents corresponding to the ordered transactions; h) the Bank receives negative information about the Customer's reputation; i) the Customer shows disrespect in its attitude toward the Bank or its employees;