Common use of Entry into Force, Amendment and Termination Clause in Contracts

Entry into Force, Amendment and Termination. This Collaboration Agreement enters into force at the moment it is signed by the last of the Parties. This Collaboration Agreement will stay into force between the Parties until 31 December 2022 (the “First Expiration Date”) with automatic annual renewal from that date unless terminated in writing by the Institution at least 6 months prior to each annual expiration date. After the First Expiration Date, the EWP Consortium will have the option to transfer its rights and obligations to a new party. This Agreement may be modified or terminated at any time by mutual agreement of the Parties. Each of the Parties may also terminate this Agreement with immediate effect by giving notice to the other Party if: (a) the other Party is in breach of any provision of this Agreement and such breach is capable of remedy but has not been remedied within 15 days after receipt of a written notice by the non-breaching Party specifying the breach and requesting its remedy; or (b) the other Party is in serious breach of a material provision of this Agreement not capable of being remedied. The Parties agree that the provisions contained in articles 3, 4.2, 6, 8, and 9 shall be considered as material provisions; or (c) the other Party becomes insolvent, is subject to any winding-up, reorganization, bankruptcy or insolvency proceedings or to any agreements with creditors or has any of such proceedings commenced against them. After termination of this Agreement, any obligation, which by its nature extends beyond the term or termination of this Agreement, will remain in full force and effect for an undetermined term or for the specific term as set forth therein.

Entry into Force, Amendment and Termination. This Collaboration Agreement enters into force at the moment it is signed by the last latest of the Parties. This Collaboration Agreement will stay into force between the Parties until 31 December 2022 (the “First Expiration Date”) with automatic annual renewal from that date unless terminated in writing by the Institution Provider at least 6 months prior to each annual expiration date. After the First Expiration Date, the EWP Consortium will have the option to transfer its rights and obligations to a new party. This Agreement may be modified or terminated at any time by mutual agreement of the Parties. Each of the Parties may also terminate this Agreement with immediate effect by giving notice to the other Party if: (a) the other Party is in breach of any provision of this Agreement and such breach is capable of remedy but has not been remedied within 15 days after receipt of a written notice by the non-breaching Party specifying the breach and requesting its remedy; or (b) the other Party is in serious breach of a material provision of this Agreement not capable of being remedied. The Parties agree that the provisions contained in articles 3, 4.2, 6, 8, and 9 shall be considered as material provisions; or (c) the other Party becomes insolvent, is subject to any winding-up, reorganization, bankruptcy or insolvency proceedings or to any agreements with creditors or has any of such proceedings commenced against them. After termination of this Agreement, any obligation, which by its nature extends beyond the term or termination of this Agreement, will remain in full force and effect for an undetermined term or for the specific term as set forth therein.