Common use of Premature Termination Clause in Contracts

Premature Termination. 7.1 Should either party be involved in any of the following situations, this Agreement shall be automatically terminated, i.e. it files a petition for bankruptcy, or is declared to be bankrupt or has a petition for bankruptcy filed, or is insolvent or wound up. 7.2 Within the valid term of this Agreement, Party B shall not terminate this Agreement prematurely. Otherwise, Party B shall pay liquidated damages of RMB 2 million to Party A and compensate all losses thus incurred to Party A, together with the service fee of the services already completed by Party A. Party A is entitled to terminate this Agreement at any time by giving a written notice 30 days in advance to Party B. Where Party B’s default results in the premature termination of this Agreement by Party A, Party B shall pay liquidated damages of RMB 2 million to Party A and compensate all losses thus incurred to Party A. 7.3 Within the valid term of this Agreement, Party A may terminate this Agreement by giving a notice 30 days in advance to Party B. 7.4 The termination of this Agreement by either party according to Article 8 shall not affect its other rights under this Agreement. 7.5 The rights and obligations of both parties in Articles 5 and 8 shall survive the termination of this Agreement.

Premature Termination. 7.1 Should either party be involved in any of the following situations, this Agreement shall be automatically terminated, i.e. it files a petition for bankruptcy, or is declared to be bankrupt or has a petition for bankruptcy filed, or is insolvent or wound up. 7.2 Within the valid term of this Agreement, Party B shall not terminate this Agreement prematurely. Otherwise, Party B shall pay liquidated damages of RMB 2 RMB2 million to Party A and compensate all losses thus incurred to Party A, together with the service fee of the services already completed by Party A. Party A is entitled to terminate this Agreement at any time by giving a written notice 30 days in advance to Party B. Where Party B’s default results in the premature termination of this Agreement by Party A, Party B shall pay liquidated damages of RMB 2 RMB2 million to Party A and compensate all losses thus incurred to Party A. 7.3 Within the valid term of this Agreement, Party A may terminate this Agreement by giving a notice 30 days in advance to Party B. 7.4 The termination of this Agreement by either party according to Article 8 shall not affect its other rights under this Agreement. 7.5 The rights and obligations of both parties in Articles 5 and 8 shall survive the termination of this Agreement.