Permissive Termination. Either Party shall have the option to terminate (the “Terminating Party”) if either Party materially defaults in the payment or performance of any material obligation provided for in this Agreement (“Event of Default”). Where an Event of Default has occurred, the Terminating Party may give notice, in accordance with section 7.5, setting out details of the Event of Default. The Agreement shall terminate after 10 Business Days have elapsed from the giving of notice by the Terminating Party, unless the other Party gives notice within that time period, in accordance with section 7.5, that the Event of Default has been rectified. If the Terminating Party does not accept the actions taken by the Defaulting Party to rectify the Event of Default, either Party may seek a conclusive determination of the issue in accordance with Article 6 of this Agreement.
Appears in 4 contracts
Samples: Service Agreement, Service Agreement, Service Agreement
