Common use of Duration and compliance Clause in Contracts

Duration and compliance. 1. This Agreement is concluded for the time period until the end of the additional period for fulfilling commitments in the second commitment period of the Kyoto Protocol or until any questions of implementation under the Kyoto Protocol for any of the Parties, related to that commitment period or the implementation of the joint fulfilment, are resolved, whichever is the later. This Agreement cannot be terminated before then. 2. Iceland shall notify the Joint Fulfilment Committee of any failure or impending failure to apply the provisions of this Agreement. Any such failure must be justified to the satisfaction of its members within 30 days of its notification. Otherwise, the failure to apply the provisions of this Agreement constitutes a breach of this Agreement. 3. In case of a breach of this Agreement or an objection by Iceland to amend its Annex 1 in accordance with Article 4, paragraph 2, Iceland shall account for the aggregate anthropogenic carbon dioxide equivalent emissions from sources and removals by sinks in Iceland covered by the Kyoto Protocol in the second commitment period, including emissions from sources covered by the European Union scheme for greenhouse gas emission allowance trading, against its quantified emission reduction objective included in the third column of Annex B of the Kyoto Protocol and, at the end of the second commitment period, retire from its national registry AAUs, CERs, ERUs, RMUs, tCERs or lCERs equivalent to those emissions.