Common use of Grounds for Cancellation by CzechInvest Clause in Contracts

Grounds for Cancellation by CzechInvest. CzechInvest will have the right, without prejudice to its other rights or remedies, after full consideration of all relevant circumstances, which may include consultation with the Incubatee, to cancel this Contract by giving written notice with immediate effect to the Incubatee in any of the following circumstances: a) if the Incubatee assigns or transfers this Contract in breach of Article 17; b) if the Incubatee becomes insolvent or if its financial position is such that within the framework of the national law of the Incubatee’s incorporation, legal action leading towards bankruptcy may be taken against the Incubatee by its creditors; c) if the Incubatee conducts fraudulent practices in connection with this Contract, particularly concerning the nature and quality of the Activity or by giving or offering gifts or remuneration for the purpose of bribery to any person, irrespective of whether such bribes or remuneration are made on the initiative of the Incubatee or otherwise; and/or d) if the Incubatee has provided incorrect and/or incomplete information regarding:  the Statement of Non Co-incubation;  the Incubatee’s legal ownership;  the Incubatee’s chamber of commerce registration  the declaration of State Aid;

Grounds for Cancellation by CzechInvest. CzechInvest will have the right, without prejudice to its other rights or remedies, after full consideration of all relevant circumstances, which may include consultation with the Incubatee, to cancel this Contract by giving written notice with immediate effect to the Incubatee in any of the following circumstances: a) if the Incubatee assigns or transfers this Contract in breach of Article 17; b) if the Incubatee becomes insolvent or if its financial position is such that within the framework of the national law of the Incubatee’s incorporation, legal action leading towards bankruptcy may be taken against the Incubatee by its creditors; c) if the Incubatee conducts fraudulent practices in connection with this Contract, particularly concerning the nature and quality of the Activity or by giving or offering gifts or remuneration for the purpose of bribery to any person, irrespective of whether such bribes or remuneration are made on the initiative of the Incubatee or otherwise; and/or d) if the Incubatee has provided incorrect and/or incomplete information regarding:  • the Statement of Non Co-incubation;  • the Incubatee’s legal ownership;  • the Incubatee’s chamber of commerce registration  • the declaration of State Aid;