Common use of Term Suspension and Termination Clause in Contracts

Term Suspension and Termination. Following consultations between the Parties and notification from the Government that it has received a letter of no objection from the Bank to suspend part or all payments to the UN Agency, the Government may, by written notice of suspension to the UN Agency, suspend part or all payments to the UN Agency hereunder if the UN Agency fails to perform any of its obligations under this Agreement, including the carrying out of the Technical Assistance, provided that such notice of suspension (i) shall specify the nature of the failure, and (ii) shall request the UN Agency to remedy such failure within a period not exceeding thirty (30) calendar days after receipt by the UN Agency of such notice of suspension. If payments are so suspended the UN Agency reserves the right to suspend the activities in accordance with its regulations, rules, policies and procedures. If the UN Agency is unable to remedy such failure within the thirty (30) calendar day period, either Party may terminate this Agreement upon thirty (30) calendar days’ notice to the other. This Agreement may be terminated prior to the Completion Date by either Party upon sixty (60) calendar days’ written notice to the other. Upon receipt by one Party of the other Party’s written notice of termination of this Agreement, the Parties shall agree on the exit strategy to minimize any negative impact that can arise from an early termination of this Agreement and take all reasonable and necessary measures to complete as many of the activities as possible. The provisions of this Agreement will survive early termination or completion to the extent necessary to permit an orderly conclusion of all activities and settlement of accounts between the Parties.