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Common use of Notice and Effect of Termination Clause in Contracts

Notice and Effect of Termination. In the event of the termination and abandonment of this Agreement pursuant to Section 7.1, written notice thereof shall forthwith be given to the other party or parties specifying the provision pursuant to which such termination is made, and this Agreement shall forthwith become void and have no effect without any liability on the part of any party or its directors, managers, officers, members or shareholders. Nothing contained in this Section 7.2 shall relieve any party from any liability for any breach of this Agreement.

Appears in 2 contracts

Samples: Agreement and Plan of Acquisition (Billserv Com Inc), Agreement and Plan of Acquisition (Clearworks Net Inc)

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Notice and Effect of Termination. In the event of the termination and abandonment of this Agreement pursuant to Section 7.1, written notice thereof shall forthwith be given to the other party or parties specifying the provision pursuant to which such termination is made, and this Agreement shall forthwith become void and have no effect without any liability on the part of any party or its directors, managers, officers, members officers or shareholders, except for the provisions of this Section 7.2 and Sections 4.4 and 4.9, which shall survive any termination of this Agreement. Nothing contained in this Section 7.2 shall relieve any party from any liability for any breach of this Agreement.

Appears in 1 contract

Samples: Asset Purchase Agreement (North American Technologies Group Inc /Mi/)

Notice and Effect of Termination. In the event of the termination and abandonment of this Agreement pursuant to Section 7.1, written notice thereof shall forthwith be given to the other party or parties specifying the provision pursuant to which such termination is made, and this Agreement shall forthwith become void and have no effect without any liability on the part of any party or its directors, managers, officers, members or shareholders. Nothing contained in this Section 7.2 shall relieve any party from any liability for any breach of this Agreement.is

Appears in 1 contract

Samples: Merger Agreement (Protosource Corp)

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Notice and Effect of Termination. In the event of the termination and abandonment of this Agreement pursuant to Section 7.1, written notice thereof shall forthwith be given to the other party or parties specifying the provision pursuant to which such termination is made, and this Agreement shall forthwith become void and have no effect without any liability on the part of any party or its directors, managers, officers, members officers or shareholders, except for the provisions of this Section 7.2 and Sections 5.3, 5.8 and 5.10, which shall survive any termination of this Agreement. Nothing contained in this Section 7.2 shall relieve any party from any liability for any breach of this Agreement.

Appears in 1 contract

Samples: Merger Agreement (North American Technologies Group Inc /Mi/)

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