Termination by Arcturus Clause Samples
The 'Termination by Arcturus' clause grants Arcturus the explicit right to end the agreement under specified circumstances. Typically, this clause outlines the conditions under which Arcturus may exercise this right, such as breach of contract, insolvency, or failure to meet performance standards. By clearly defining when and how Arcturus can terminate the contract, this clause provides a mechanism for Arcturus to exit the agreement if necessary, thereby managing risk and ensuring flexibility in the business relationship.
Termination by Arcturus. Arcturus will have the right to terminate this Agreement in full upon delivery of written notice to CureVac in the event of (i) any material breach by CureVac of any terms and conditions of this Agreement, provided that such breach has not been cured within sixty (60) days after written notice thereof is given by Arcturus to CureVac specifying in reasonable detail the nature of the alleged breach. CureVac hereby agrees that Arcturus is entitled to receive payment of any amounts payable to Arcturus pursuant to this Agreement, including amounts for any Work performed pursuant to the Work Plan, up through the date of such termination. For clarity, a breach by CureVac under this Agreement shall not constitute a breach under a License Agreement unless such breach is also separately a breach pursuant to such License Agreement.
Termination by Arcturus. Arcturus shall have the right to terminate this Agreement by written notice to Vinbiocare (i) in accordance with Section 13.4 (Additional Compliance Duties), with termination effective thirty (30) days after the date of notice of termination therefor, (ii) if Vinbiocare does not, on or prior to December 31, 2023, make a commercial sale of the Vaccine in the Territory following Regulatory Approval, with such termination effective [* * *] days after the date of notice of termination therefor by Arcturus, (iii) if the Framework Drug Substance Supply Agreement terminates, with termination effective immediately on the date of notice of termination therefor, (iv) if Arcturus determines to globally cease Manufacture, Development and/or Commercialization of the Vaccine due to safety or efficacy concerns, [* * *], with termination effective [* * *] days after the date of notice of termination therefor, (v) [* * *], or (vi) if the Effective Date does not occur within [* * *] Business Days of the Signature Date and provided that Arcturus has provided all necessary documents as reasonably requested by Vinbiocare, with termination effective immediately on the date of notice therefor.
Termination by Arcturus. In the following circumstances, Arcturus may by notice to JPI terminate this Agreement:
12.2.1 JPI breaches any obligation under this Agreement to make an undisputed payment and fails to make that payment no later than 60 days after Arcturus notifies it of that breach; or
12.2.2 JPI materially breaches this Agreement and fails to cure such breach within 60 days after Arcturus notifies it of that breach, except that allegations of JPI’s breach of its obligation to use Commercially Reasonable Efforts to develop or commercialize Licensed Products will be solely subject to the conditions and procedures set out in Section 14.4.