Common use of Termination by the Shipper Clause in Contracts

Termination by the Shipper. i. Upon the occurrence and continuation of any Transporter Event of Default, the Shipper may deliver a notice (the “Transporter Default Notice”) to the Transporter. Such notice shall specify in reasonable detail the Transporter Event of Default to which such notice relates. ii. Following the receipt of any Transporter Default Notice, the Transporter shall (i) promptly notify the Shipper of the measures it has taken or intends to take to remedy the Transporter Event of Default which is the subject of such notice, and (ii) within a period of 30 (thirty) Days from the date of such receipt (or such longer period as the Shipper may specify in such notice) (the “Transporter Cure Period”) to remedy the breach or default; and, shall act as a Reasonable and Prudent Operator in doing so. iii. During any Transporter Cure Period, both Parties shall, save as otherwise provided herein, continue to perform their respective obligations under this Agreement and shall not, whether by act or omission, impede or otherwise interfere with the endeavours of either Party to remedy the breach or default to which such Transporter Cure Period relates. iv. following the expiry of the Transporter Cure Period, if the Transporter Event of Default to which the Transporter Default Notice relates is continuing, the Shipper may terminate this Agreement by written notice (a “Shipper Termination Notice”) to the Transporter and this Agreement shall terminate with immediate effect on the date of such Shipper Termination Notice