Common use of Termination and Variation Clause in Contracts

Termination and Variation. 28. a) Either party may immediately terminate the agreement in writing to the other in the event that either party: is in material breach of these Terms and Conditions provided that such breach has been notified as such to the other party in writing, that any notice is issued within 7 days of the notifying party becoming aware of the breach, and on that basis that both parties will allow the other no less than 30 days from the point of receipt of notification to remedy the breach; becomes insolvent; enters into liquidation (whether voluntary or compulsory); passes a resolution for its winding up; appoints a receiver or administrator for the whole or any part of its assets; makes any composition or arrangement with its creditors or takes or suffers any similar action in consequence of debt; and/or ceases or threatens to cease the continuation of its business.