Common use of Term of Agreement and Termination Clause in Contracts

Term of Agreement and Termination. The co-operation agreement is valid from the date of the parties' authorized signing, and until December the 31, the year that the contract is signed and entered into. The contract period will be extended by one (1) year at a time unless one of the parties have terminated the contract with at least three (3) months written notice before the contract expiry date. BASTAonline has also the right to terminate the co-operation agreement with immediate effect: if the Company materially fails in his obligations under this Agreement and not completed the remedy within thirty (30) days from BASTAonlines written warning, if the company is declared bankrupt, goes into liquidation or otherwise can be assumed to have become insolvent, or if the conditions for the operation of the BASTA system changes significantly. Upon termination of the contract will the Company product information in respectively the BASTA- or BETA-register be de-registered. A Company that is de-registered as a result of that the contract was terminated, due to what is stated in point a) above, has the right to enter into a new agreement for registration, after a new audit has taken place, and with regards to the Company, have an result BASTAonline deems to be satisfactory. All of BASTAonline costs for such audit shall be reimbursed by the Company.