Common use of Price drop Clause in Contracts

Price drop. clause In case of extraordinary drop in the agreed quotation basis the parties of a Two-party Pig Circle Contract, cf. clause 1.7. can cancel this Business Agreement with stop after 4 weeks without incurring liability. An extraordinary drop is defined as a) a drop of 8 % or more in one week and that the quotation basis stays in the same low level, or even lower, for more than consecutive 3 weeks hereafter or b) a drop of 13 % or more in total for two consecutive weeks, and that the quotation basis stays in the same low level, or even lower, in the following two weeks. Notification of termination must be given no later than Tuesday in the 4th week after the invoked first week with price drop. The termination takes effect after the agreed delivery, if any, in the 4th week. 19. Business Agreements in connection with possession, reorganisation or bankruptcy 19.1. Possession Should a Buyer's* or Xxxxxx's* herd be taken into possession by a creditor, his agreements shall be cancelled immediately without any of the other parties* being entitled to compensation for loss. The creditor in possession may enter into a new Business Agreement*. Said agreement shall be cancelled immediately without prior notice when possession is terminated. After the agreement has been terminated, the creditor shall remain liable for the claims that can be assigned to the agreement period.