Common use of Effectiveness of Dissolution Clause in Contracts

Effectiveness of Dissolution. 7.9.1 Upon dissolution or termination of this Contract by the Parties for any reason, Party B shall immediately cease all activities conducted in the name of Party A, complete outstanding business as per Party A’s requests, settle all accounts, carry out work handover, and return all Party A’s properties, including but not limited to: (a) all documents and files with respect to Party A, Party A’s management, operation and products and the copies thereof, which are maintained, used or controlled by Party B; (b) name lists and information relating to Party A’s suppliers, clients and other contact units and individuals; (c) software, disks, hardware and CDs containing Party A’s data and information; and (d) instruments, uniforms, apparatuses, equipment and other office appliances, etc., which have been provided to Party B by Party A for work purposes. 7.9.2 If Party B fails to perform the obligations set forth in Article 7.9.1 herein, Party A is entitled to refuse to handle the resignation procedures, and in addition, Party A may deduct or delay the distribution of outstanding salary, bonus and other compensation; Party A is also entitled to request Party B to indemnify the economic losses caused thereby.

Effectiveness of Dissolution. 7.9.1 Upon dissolution or termination of this Contract by the Parties for any reason, Party B shall immediately cease all activities conducted in the name of Party A, complete outstanding business as per Party A’s requests, settle all accounts, carry out work handover, and return all Party A’s properties, including but not limited to: (a) all documents and files with respect to Party A, Party A’s management, operation and products and the copies thereof, which are maintained, used or controlled by Party B; (b) name lists and information relating to Party A’s suppliers, clients and other contact units and individuals; (c) software, disks, hardware and CDs containing Party A’s data and information; and (d) instruments, uniforms, apparatuses, equipment and other office appliances, etc., which have been provided to Party B by Party A for work purposes,. 7.9.2 If Party B fails to perform the obligations set forth in Article 7.9.1 herein, Party A is entitled to refuse to handle the resignation procedures, and in addition, Party A may deduct or delay the distribution of outstanding salary, bonus and other compensation; Party A is also entitled to request Party B to indemnify the economic losses caused thereby.