Common use of Duration and Termination of Agreement Clause in Contracts

Duration and Termination of Agreement. 8.1 This Agreement shall be effective as of the later of the dates this Agreement becomes effective under the U.S. Shipping Act of 1984, as amended, or the modifications in FMC Agreement No. 201295-001 become effective under the U.S. Shipping Act of 1984, as amended. It shall continue in effect indefinitely. Either Party may resign from this Agreement by giving not less than ninety (90) days advance written notice. 8.2 Notwithstanding Article 8.1 above, either Party may by written notice summarily terminate this Agreement with immediate effect if: (a) the other Party breaches any term of this Agreement or the terms of the Slot Charter Party which is not capable of remedy or in the case of a breach capable of remedy, is not remedied within seven (7) days of a written notice from the innocent party specifying the breach and requiring its remedy; (b) the other Party goes into insolvency or bankruptcy whether compulsory or voluntary (or if the other Party is a commercial entity, and order is made or a resolution is passed for the winding up or a receiver or administrator is appointed or it enters into any arrangement or composition with its creditors generally or ceases to carry on business or to be able to pay its debts when they fall due or becomes subject to other proceedings analogous in purpose or effect including, without limitation, the appointment of a receiver, trustee or liquidator for any such purpose).

Duration and Termination of Agreement. ‌ 8.1 This Agreement shall be effective as of the later of the dates this Agreement becomes effective under the U.S. Shipping Act of 1984, as amended, or upon commencement of voyage 44 of Captaine Kupe (or a substitute vessel) in the modifications in FMC Agreement No. 201295-001 become effective under the U.S. Shipping Act of 1984Trade, as amendedexpected to be around February 20, 2022. It shall continue in effect indefinitely. Either Party may resign from this Agreement by giving not less than ninety (90) days advance written notice. 8.2 Notwithstanding Article 8.1 above, either Party may by written notice summarily terminate this Agreement with immediate effect if: (a) the other Party breaches any term of this Agreement or the terms of the Slot Charter Party which is not capable of remedy or in the case of a breach capable of remedy, is not remedied within seven (7) days of a written notice from the innocent party specifying the breach and requiring its remedy; (b) the other Party goes into insolvency or bankruptcy whether compulsory or voluntary (or if the other Party is a commercial entity, and order is made or a resolution is passed for the winding up or a receiver or administrator is appointed or it enters into any arrangement or composition with its creditors generally or ceases to carry on business or to be able to pay its debts when they fall due or becomes subject to other proceedings analogous in purpose or effect including, without limitation, the appointment of a receiver, trustee or liquidator for any such purpose).

Duration and Termination of Agreement. 8.1 This Agreement shall be effective as of the later of the dates this Agreement becomes effective under the U.S. Shipping Act of 1984, as amended, or the modifications in termination of the SOUTHPAC Service under FMC Agreement No. 201295201296-001 become effective under the U.S. Shipping Act of 1984, as amendedis effective. It shall continue in effect indefinitely. Either Party may resign from this Agreement by giving not less than ninety (90) days advance written notice. 8.2 Notwithstanding Article 8.1 above, either Party may by written notice summarily terminate this Agreement with immediate effect if: (a) the other Party breaches any term of this Agreement or the terms of the Slot Charter Party which is not capable of remedy or in the case of a breach capable of remedy, is not remedied within seven (7) days of a written notice from the innocent party specifying the breach and requiring its remedy; (b) the other Party goes into insolvency or bankruptcy whether compulsory or voluntary (or if the other Party is a commercial entity, and order is made or a resolution is passed for the winding up or a receiver or administrator is appointed or it enters into any arrangement or composition with its creditors generally or ceases to carry on business or to be able to pay its debts when they fall due or becomes subject to other proceedings analogous in purpose or effect including, without limitation, the appointment of a receiver, trustee or liquidator for any such purpose).