Common use of DURATION AND TERMINATION OF THE CONTRACT Clause in Contracts

DURATION AND TERMINATION OF THE CONTRACT. This contract is concluded for a definite period based on the dates mentioned in the standing order. This contract can be terminated by mutual agreement between the Bank and the Payer. This Contract lawfully terminates when the Payer’s current account closes. If the standing order is not used for one year due to the lack of funds, the contract will automatically terminate, without any prior notification. The Bank may consider this contract lawfully terminated, without notification and any other prior formalities, if the Payer fails to fulfil its obligations hereunder. The Payer may unilaterally denounce at any time this contract with the prior notification of the Bank within 3 business days. The term of 3 days will be calculated starting from the day immediately after the date of dispatch of the notification. In case of cancellation of the contract, the Bank will continue to perform the transactions in the course of settlement within the term set out in this article. If the parties agreed that the duration of the contract exceeds 13 months, the Customer will owe to the Bank a termination fee if the unilateral termination occurs within the first 13 months from the conclusion of the contract. In case of termination of this contract due to the non-fulfilment or improper fulfilment of the contractual obligations by the Payer and if the Payer terminates the contract prior to the expiry of the period for which it was concluded, the Payer shall pay the fee agreed with the Bank. This contract enters into force within 3 days from the signing of Standing Order Application by the parties, approved by the Bank.

DURATION AND TERMINATION OF THE CONTRACT. This contract is concluded for a definite period based on the dates mentioned in the standing order. This contract can be terminated by mutual agreement between the Bank and the Payer. This Contract lawfully terminates when the Payer’s current account closes. If the standing order is not used for one year due to the lack of funds, the contract will automatically terminate, without any prior notification. The Bank may consider this contract lawfully terminated, without notification and any other prior formalities, if the Payer fails to fulfil its obligations hereunder. The Payer may unilaterally denounce at any time this contract with the prior notification of the Bank within 3 business days. The term of 3 days will be calculated starting from the day immediately after the date of dispatch of the notification. In case of cancellation of the contract, the Bank will continue to perform the transactions in the course of settlement within the term set out in this article. If the parties agreed that the duration of the contract exceeds 13 months, the Customer will owe to the Bank a termination fee if the unilateral termination occurs within the first 13 months from the conclusion of the contract. In case of termination of this contract due to the non-non- fulfilment or improper fulfilment of the contractual obligations by the Payer and if the Payer terminates the contract prior to the expiry of the period for which it was concluded, the Payer shall pay the fee agreed with the Bank. This contract enters into force within 3 days from the signing of Standing Order Application by the parties, approved by the Bank.