Common use of Duration, Suspension and Termination Clause in Contracts

Duration, Suspension and Termination. The Agreement is of unlimited duration. Paynovate, at its own discretion, and taking into consideration a specific situation, giving preference to execution of legal acts applied to the activity of Paynovate, and interests of the Client, has the right to unilaterally and without a prior notice apply one or several of the following measures: - To suspend execution of one or several Payment transfers - To suspend the provision of all or part of Services to the Client - To detain the client’s funds that are matter of dispute - To block the Account (i.e. fully or partially suspend Payment Transactions on the Account) - To refuse to provide Services - To return arrested funds from the Account of the Client to the primary sender funds The aforementioned measures may be applied only in the following exceptional cases : - If the Client essentially violates the Agreement or its Supplements - If the activities of the client using a Paynovate Account have the potential to harm Paynovate’s business reputation - If the Client fails to complete the necessary identification procedures, or submit information required by Paynovate, or the Client provides information that does not conform to the requirements stipulated by legislation or Paynovate - If Paynovate receives substantiated information about the Client’s liquidation or bankruptcy case - In cases specified by legislation - In other cases stated in the Agreement or its Supplements. You may terminate the Agreement and close your account by giving thirty (30) days written notice (by any medium). The closure commences on the day a party issues the written notice. Once the closure has come into effect the Client can no longer give instructions concerning accounts, and Paynovate may reject any such instructions. Once the closure is effective Paynovate stops all related services. Any funds remaining after the closure of the online account will be transferred to any other external business bank account as indicated in the closure notice. Paynovate has the right to terminate the Agreement giving at least two (2) months’ notice to the Client by post or email, at the last communication address declared by the Client or by another durable medium. Without prejudice to all other available rights of Paynovate under the applicable laws or this Agreement, and unless otherwise provided in the Specific Terms and Conditions, the Agreement may be terminated by Paynovate with immediate effect and without compensation fee if one of the following events occurs: - the Client acts in contravention of generally accepted business practice; - the Client violates the legal regulations (inter alia international regulations against money laundering) or violates the interests of Paynovate; - the Client fails to respect this Agreement, for example, by not paying the services fees in due time (during two or more consecutive months) - in case of any insolvency event concerning the Client or seizure procedures against the Client - in case Paynovate or the client is denied or withdrawn any license, registration or approval by any Competent Authority or the Payment Scheme necessary to perform the Services.