Death or incapacity of dealer Sample Clauses

Death or incapacity of dealer. If a dealer or a person holding a majority interest in a business entity operating a dealership dies or is incapacitated, the rights under this chapter may be exercised as an option by the heirs at law if the dealer or majority interest holder died intestate, or by the executor under the terms of the dealer’s or majority interest holder’s will. If the heirs or the executor do not exercise this option within twelve months from the date of death of the dealer or majority interest holder, the supplier must repurchase the equipment as if the supplier had terminated the dealership agreement pursuant to section 322F.3. However, this section does not entitle an heir, executor, administrator, legatee, or devisee of a deceased dealer or majority interest holder to continue to operate the dealership without the consent of the supplier.
Sample 1Sample 2Sample 3See All (23)
AutoNDA by SimpleDocs

Related to Death or incapacity of dealer

  • NOTIFICATION OF DEATH A. Upon becoming aware of the death of any person served pursuant to this Agreement, CONTRACTOR shall immediately notify ADMINISTRATOR.

  • Termination Upon Bankruptcy This contract may be terminated in whole or in part by MDHS upon written notice to Contractor, if Contractor should become the subject of bankruptcy or receivership proceedings, whether voluntary or involuntary, or upon the execution by Contractor of an assignment for the benefit of its creditors. In the event of such termination, Contractor shall be entitled to recover just and equitable compensation for satisfactory work performed under this contract, but in no case shall said compensation exceed the total contract price.

  • TERMINATION BY DISTRICT FOR CAUSE Contractor shall be in default of its obligations pursuant to this Contract, and District may terminate Contractor’s right to perform the work for cause, if: (a) Contractor refuses or fails to perform the work or any component thereof in accordance with this Contract, including, but not limited to, the Contract Documents; (b) Contractor refuses or fails to perform any portion of the work within the time required; (c) the work is not, or reasonably will not be, fully completed within the contract time; (d) Contractor persistently or repeatedly refuses or fails to supply enough properly skilled workers and/or proper materials;

  • Termination for Cause by The District The District may immediately terminate this Agreement for cause for any of the following reasons:

  • Termination for Insolvency The Procuring Entity may at any time terminate the Contract by giving notice to the Supplier if the Supplier becomes bankrupt or otherwise insolvent. In such event, termination will be without compensation to the Supplier, provided that such termination will not prejudice or affect any right of action or remedy that has accrued or will accrue thereafter to the Procuring Entity

  • Dissolution of Entity The Contractor shall notify the County immediately of any intention to discontinue existence of the entity or to bring an action of dissolution.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!