Termination by the PC Clause Samples
The 'Termination by the PC' clause grants the Project Coordinator (PC) the authority to end the contract under specified circumstances. Typically, this clause outlines the conditions under which the PC may exercise this right, such as contractor default, failure to meet performance standards, or other breaches of contract. By clearly defining the PC's ability to terminate, the clause ensures that the project can be protected from ongoing non-compliance or unsatisfactory performance, thereby allocating risk and providing a mechanism for early contract resolution if necessary.
Termination by the PC. The PC may immediately terminate this Agreement at its discretion, upon written notice as follows:
(i) If MANAGEMENT SERVICES becomes insolvent by reason of its inability to pay its debts as they mature; is adjudicated bankrupt or insolvent; files a petition in bankruptcy, reorganization or similar proceeding under the bankruptcy laws of the United States or shall have such a petition filed against it which is not discharged within thirty (30) days; has a receiver or other custodian, permanent or temporary, appointed for its business, assets or property; makes a general assignment for the benefit of creditors; has its bank accounts, property or accounts attached; has execution levied against its business or property; or voluntarily dissolved or liquidates or has a petition filed for corporate dissolution and such petition is not dismissed with thirty (30) days;
(ii) If the MANAGEMENT SERVICES fails to comply with any material provision of this Agreement, or any other agreement with the PC, and does not correct such failure within sixty (60) days after written notice of such failure to comply is delivered by the PC specifying the nature of the breach in reasonable detail.
Termination by the PC. The PC may terminate this Agreement as follows:
(a) In the event of the filing of a petition in voluntary bankruptcy or an assignment for the benefit of creditors by the MSO, or upon other action taken or suffered, voluntarily or involuntarily, under any federal or state law for the benefit of debtors by the MSO, except for the filing of a petition in involuntary bankruptcy against the MSO which is dismissed within sixty (60) days thereafter, the PC may give written notice of the immediate termination of this Agreement.
(b) In the event the MSO shall materially default in the performance of any duty or obligation imposed upon it by this Agreement and such default shall continue for a period of sixty (60) days after written notice thereof has been given to the MSO by the PC, the PC may terminate this Agreement.
Termination by the PC. The PC may terminate this Agreement by giving written notice thereof to Administrator upon the occurrence of any of the following events and such termination shall be effective upon the giving of such notice, or after the expiration of any applicable waiting or cure period as set forth below if so required:
(a) Administrator shall default in the performance of any material duty or material obligation imposed upon it by this Agreement and such default shall continue for a period of thirty (30) days after written notice thereof has been given to Administrator by the PC. Notwithstanding the foregoing, in the event a default is not reasonably capable of being cured within the 30-day period described above, then so long as the defaulting party shall commence a cure within such 30-day period and shall diligently pursue such cure to completion, then the non-defaulting party shall not have the right to terminate this Agreement.
(b) Administrator shall file or cause to be filed a petition in voluntary bankruptcy or make an assignment for the benefit of creditors, or upon other action taken or suffered by Administrator, voluntarily or involuntarily, under any federal or state law for the benefit of debtors, except for the filing of a petition in involuntary bankruptcy against Administrator which is dismissed within ninety (90) days thereafter.
Termination by the PC. The PC may terminate this Agreement as follows:
(1) In the event of the filing of a petition in voluntary bankruptcy or an assignment for the benefit of creditors by the MSO, or upon other action taken or suffered, voluntarily or involuntarily, under any federal or state law for the benefit of debtors by the MSO, except for the filing of a petition in involuntary bankruptcy against the MSO which is dismissed within sixty (60) days thereafter, the PC may give written notice of the immediate termination of this Agreement.
(2) In the event the MSO shall materially default in the performance of any duty or obligation imposed upon it by this Agreement and such default shall continue for a period of sixty (60) days after written notice thereof has been given to the MSO by the PC, the PC may terminate this Agreement. Upon termination of this Agreement by the Orthodontic Practice under this Section 10.1, the PC shall be entitled to exercise the "Call Option," as defined in and on the terms and conditions set forth in Section 3 of the Stock Put/Call Option and Successor Designation Agreement and recover such direct damages actually incurred by Dr. Schneekluth as a resul▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇nation.