Common use of EXPIRATION OF THE CONTRACT Clause in Contracts

EXPIRATION OF THE CONTRACT. 7.1. The contractual parties hereby agree that the contract shall expire upon: a/ performance of the subject of the contract by the Contractor b/ cancellation by the Ordering Party c/ cancellation by the Contractor 7.2. Expiry of this contract pursuant to para. 7.1, point b) may only occur in the event of a material change to circumstances under which this contract was concluded, or in the event of circumstances which it was not objectively possible to foresee. The proposing contractual party shall be obliged to send written evidence regarding a change of circumstances together with a notice of cancellation or termination. 7.3. The contractual parties shall be authorised to cancel this contract in the event of a material breach of the contract by the other contractual party. Any dispute arising out of or in connection with this contract or for the breach there of, which cannot be settled amicably shall exclusively and finally be settled by arbitration in defendant's country in accordance with the Rules of Conciliation and Arbitration of the International Chamber of Commerce, by an arbitrator appointed in accordance with the said rules. 7.4. In the event of the cancellation of this contract by the Ordering Party, this party shall reimburse the Contractor for incurred, documented costs and the Contractor shall hand over to the Ordering Party the subject of the contract, its parts, components and all documentation in the state in which it exists at the time of a cancellation of this contract.

EXPIRATION OF THE CONTRACT. 7.1. The contractual parties hereby agree that the contract shall expire upon: a/ performance of the subject of the contract by the Contractor b/ cancellation by the Ordering Party c/ cancellation by the Contractor 7.2. Expiry of this contract pursuant to para. para 7.1, point b) may only occur in the event of a material change to circumstances under which this contract was concluded, or in the event of circumstances which it was not objectively possible to foresee. The proposing contractual party shall be obliged to send written evidence regarding a change of circumstances together with a notice of cancellation or termination. 7.3. The contractual parties shall be authorised to cancel this contract in the event of a material breach of the contract by the other contractual party. Any dispute arising out of or in connection with this contract or for the breach there of, which cannot be settled amicably shall exclusively and finally be settled by arbitration in defendant's country in accordance with the Rules of Conciliation and Arbitration of the International Chamber of Commerce, by an arbitrator appointed in accordance with the said rules. 7.4. In the event of the cancellation of this contract by the Ordering Party, this party shall reimburse the Contractor for incurred, documented costs and the Contractor shall hand over to the Ordering Party the subject of the contract, its parts, components and all documentation in the state in which it exists at the time of a cancellation of this contract.