Common use of Procedures of withdrawal Clause in Contracts

Procedures of withdrawal. Any Contractor may request to terminate its participation in the EC Contract and this Consortium Agreement, by giving three (3) months prior written notice of termination to the Coordinator, by registered mail with acknowledgement of receipt, indicating the reasons for termination. The General Assembly may object to such termination by a vote at the majority of 2/3 minus the vote of the withdrawing Contractor, indicating the reasons for objection, within a period of forty-five (45) days from receipt of notification. If the General Assembly agrees, the Coordinator shall inform the Commission of its withdrawal by registered mail with acknowledgement of receipt in accordance with the provisions of the EC Contract. The Commission shall have six (6) weeks from receipt to issue an objection. If the General Assembly disagrees, the Coordinator shall submit to the Commission a request for assistance, in accordance with the provisions of the EC Contract.

Procedures of withdrawal. Any Contractor may request to terminate its participation in the EC Contract and this Consortium Agreement, by giving three (3) months prior written notice of termination to the Coordinatorother Contractors, by registered mail with acknowledgement of receipt, indicating the reasons for termination. The General Assembly Governing Board may object to such termination by a unanimous vote at the majority of 2/3 minus the vote of the withdrawing Contractor, indicating the reasons for objection, within a period of forty-five (45) days from receipt of notification. If the General Assembly Governing Board agrees, the Coordinator shall inform the Commission of its withdrawal by registered mail with acknowledgement of receipt in accordance with the provisions of the EC Contract. The Commission shall have six (6) weeks from receipt to issue an objection. If the General Assembly Governing Board disagrees, the Coordinator shall submit to the Commission a request for assistance, in accordance with the provisions of the EC Contract.