Common use of Termination and Survival Clause in Contracts

Termination and Survival. 12.1 Buyer may terminate the Contract in whole or in part for convenience, or for any event in Condition 12.2, with immediate effect by giving written notice to Seller whereupon Seller shall stop all work on Services or deliveries of Goods. Buyer shall pay Seller reasonable compensation for work-in-progress regarding Services, or Goods delivered to Buyer, at the termination date, but this shall not include loss of anticipated profits or any indirect or consequential loss. 12.2 For the purpose of Condition 12.1, the events are: if Seller becomes subject to any of the following or Buyer believes Seller is about to become subject to any of them: a bankruptcy order made against Seller or Seller makes an arrangement or composition with its creditors, or otherwise takes the benefit of any statute for the time being in force for the relief of insolvent debtors, or (being a body corporate) convenes a meeting of creditors (whether formal or informal), or enters into liquidation (whether voluntary or compulsory) except a solvent voluntary liquidation for the purpose only of reconstruction or amalgamation, or has a receiver and/or manager, administrator or administrative receiver appointed of its undertaking or any part thereof, or a resolution is passed or a petition presented to any court for the winding up of Seller or for the granting of an administration order in respect of Seller, or any proceedings are commenced relating to the insolvency or possible insolvency of Seller. 12.3 At any stage during the Contract term or thereafter, within 14 days of a request, (a) Receiving Party shall return, and certify the return of, all confidential information (and copies thereof) in his possession or under his control to Disclosing Party; and

Appears in 10 contracts

Samples: Conditions for Purchase of Goods and Services, Conditions for Purchase of Goods and Services, Conditions for Purchase of Goods and Services

AutoNDA by SimpleDocs

Termination and Survival. 12.1 Buyer may terminate the Contract in whole or in part for convenience, or for any event in Condition 12.2, with immediate effect by giving written notice to Seller whereupon Seller shall stop all work on Services or deliveries of Goods. Buyer shall pay Seller reasonable compensation for work-in-progress regarding Services, or Goods delivered to Buyer, at the termination date, but this shall not include loss of anticipated profits or any indirect or consequential loss. 12.2 For the purpose of Condition 12.1, the events are: if Seller becomes subject to any of the following or Buyer believes Seller is about to become subject to any of them: a bankruptcy order made against Seller or Seller makes an arrangement or composition with its creditors, or otherwise takes the benefit of any statute for the time being in force for the relief of insolvent debtors, or (being a body corporate) convenes a meeting of creditors (whether formal or informal), or enters into liquidation (whether voluntary or compulsory) except a solvent voluntary liquidation for the purpose only of reconstruction or amalgamation, or has a receiver and/or manager, administrator or administrative receiver appointed of its undertaking or any part thereof, or a resolution is passed or a petition presented to any court for the winding up of Seller or for the granting of an administration order in respect of Seller, or any proceedings are commenced relating to the insolvency or possible insolvency of Seller. 12.3 At any stage during the Contract term or thereafter, within 14 days of a request, (a) Receiving Party shall return, and certify the return of, all confidential information (and copies thereof) in his possession or under his control to Disclosing Party; andand (b) Seller shall return to Buyer all Buyer Property and provide to Buyer any final or interim reports due in respect of Services or Results. 12.4 Contract termination, however arising, shall not affect a party’s rights or remedies accrued at termination. Conditions expressly or impliedly surviving Contract termination shall continue in full force and effect, including Conditions 3, 5, 9, 10, 11,12.3 and 12.4.

Appears in 2 contracts

Samples: Conditions for Purchase of Goods and Services, Conditions for Purchase of Goods and Services

AutoNDA by SimpleDocs

Termination and Survival. 12.1 Buyer may terminate the Contract in whole or in part for convenience, or for any event in Condition 12.2, with immediate effect by giving written notice to Seller whereupon Seller shall stop all work on Services or deliveries of Goods. Buyer shall pay Seller reasonable compensation for work-in-in- progress regarding Services, or Goods delivered to Buyer, at the termination date, but this shall not include loss of anticipated profits or any indirect or consequential loss. 12.2 For the purpose of Condition 12.1, the events are: if Seller becomes subject to any of the following or Buyer Xxxxx believes Seller is about to become subject to any of them: a bankruptcy order made against Seller or Seller makes an arrangement or composition with its creditors, or otherwise takes the benefit of any statute for the time being in force for the relief of insolvent debtors, or (being a body corporate) convenes a meeting of creditors (whether formal or informal), or enters into liquidation (whether voluntary or compulsory) except a solvent voluntary liquidation for the purpose only of reconstruction or amalgamation, or has a receiver and/or manager, administrator or administrative receiver appointed of its undertaking or any part thereof, or a resolution is passed or a petition presented to any court for the winding up of Seller or for the granting of an administration order in respect of Seller, or any proceedings are commenced relating to the insolvency or possible insolvency of Seller. 12.3 At any stage during the Contract term or thereafter, within 14 days of a request, (a) Receiving Party shall return, and certify the return of, all confidential information (and copies thereof) in his possession or under his control to Disclosing Party; andand (b) Seller shall return to Buyer all Buyer Property and provide to Buyer any final or interim reports due in respect of Services or Results. 12.4 Contract termination, however arising, shall not affect a party’s rights or remedies accrued at termination. Conditions expressly or impliedly surviving Contract termination shall continue in full force and effect, including Conditions 3, 5, 9, 10, 11,12.3 and 12.4.

Appears in 1 contract

Samples: Purchase Agreement

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!