Common use of Termination, compensation and damages Clause in Contracts

Termination, compensation and damages. 1. Either party may terminate this Agreement in the event of a serious breach by the other party which remains unremedied for 30 days following written notice thereof making specific reference to the breach and to this Article. The requirement of written notice shall not apply where it is clear from the circumstances, or the party in breach has clearly indicated, that it is unable or has no intention to remedy the breach. 2. In addition, the FMO shall be entitled to terminate this Agreement where the Fund Operator: a) becomes insolvent or bankrupt; b) has a receiving order or administration order made against it or compounds with its creditors; c) being a legal person commences to be wound up; or d) carries on its activities under an administrator or administrative receiver for the benefit of its creditors or any of them. Any of the above events shall be deemed a breach by the Fund Operator. 3. Should this Agreement be terminated pursuant to either of the preceding paragraphs 1 or 2, the party whose breach has occasioned the termination shall (without prejudice to the following provisions) compensate the other party for all losses, costs and wasted expenditure incurred by the other party in consequence of the termination. 4. The FMO may terminate this Agreement if changes in the political environment put into doubt the feasibility of the Programme. 5. In all cases where this Agreement is terminated prior to its entire performance: a) the FMO shall (without prejudice to the payment obligations provided in the preceding paragraphs) pay the Fund Operator for the work already performed and (unless the termination arises by reason of a breach by the Fund Operator) commitments already undertaken which cannot reasonably be cancelled and reasonable costs for closing down the Fund Operator’s role in the operation, provided that the total amount paid to the Fund Operator shall not exceed the amount of the management fee provided in Article 1.11; b) the Fund Operator and its officials shall cease to operate the regranting account and the FMO shall be entitled to terminate the signature rights of those officials accordingly; c) any rights and obligations of the Fund Operator vis-à-vis project promoters shall automatically be transferred to the FMO which shall be entitled to retransfer them to any replacement Fund Operator whom it may appoint; d) the Fund Operator shall provide to the FMO or to any replacement Fund Operator such reasonable assistance as the latter may require to ensure the continuing good administration of the Programme and in particular shall provide the FMO or replacement Fund Operator with all contact details and copies of all its files concerning each of the project promoters and project contracts. The Fund Operator shall also cooperate with the FMO or replacement Fund Operator in notifying the project promoters of the change of Fund Operator and in ensuring the smooth continuation of the Programme. 6. Where the FMO is entitled to damages or compensation from the Fund Operator, it may deduct such amounts from any sums due to the Fund Operator and/or call on the appropriate guarantee. 7. The FMO shall be entitled to compensation from the Fund Operator for any damage which comes to light after the completion of the Programme.

Termination, compensation and damages. 1. Either party may terminate this Agreement Contract in the event of a serious breach by the other party which remains unremedied for 30 thirty (30) days following written notice thereof making specific reference to the breach and to this Article. The requirement of written notice shall not apply where it is clear from the circumstances, circumstances or the party in breach has clearly indicated, indicated that it is unable or has no intention to remedy the breach. 2. In addition, addition the FMO Fund Operator shall be entitled to terminate this Agreement Contract where the Fund Operator: a) Project Promoter: becomes insolvent or bankrupt; b) ; has a receiving order or administration order made against it or compounds with its creditors; c) ; being a legal person commences to be wound up; or d) or carries on its activities under an administrator or administrative receiver for the benefit of its creditors or any of them. Any of the above events shall be deemed a breach by the Fund OperatorProject Promoter. 3. Should this Agreement Contract be terminated pursuant to either of the preceding paragraphs 1 or 21-2 of the present Article (12.5), the party whose breach has occasioned the termination shall (without prejudice to the following provisions) compensate the other party for all losses, costs costs, and wasted expenditure incurred by the other party in consequence of the termination. 4. The FMO Fund Operator may terminate this Agreement Contract if changes in the political environment put into doubt the feasibility of the ProgrammeProject. 5. In all cases where this Agreement Contract is terminated prior to its entire performance: a) : the FMO Fund Operator shall (without prejudice to the payment obligations provided in the preceding paragraphsparagraphs of the present Article (12.5) pay the Fund Operator Project Promoter for the work already performed and (unless the termination arises by reason of a breach by the Fund OperatorProject Promoter) commitments already undertaken which cannot reasonably be cancelled and reasonable costs for closing down the Fund OperatorProject Promoter’s role in the operation, provided that the total amount paid to the Fund Operator Project Promoter shall not exceed the amount of the management fee provided in Article 1.11; b) the Fund Operator and its officials shall cease to operate the regranting account and the FMO shall be entitled to terminate the signature rights of those officials accordingly; c) Project Grant; any rights and obligations of the Fund Operator vis-à-vis project promoters shall automatically Project Promoter may be transferred to the FMO which shall be entitled to retransfer them to any replacement Fund Operator Project Promoter whom it may appoint; d) the Fund Operator may appoint for the execution and completion of the Project; The Project Promoter shall provide to the FMO Fund Operator or to any replacement Fund Operator Project Promoter such reasonable assistance as the latter may require to ensure the continuing good administration execution of the Programme Project and in particular it shall provide the FMO or replacement Fund Operator or the replacement Project Promoter with all contact details and copies of all its files concerning each of the project promoters and project contractsProject. The Fund Operator Project Promoter shall also cooperate with the FMO or replacement Fund Operator or the replacement Project Promoter in notifying any third party involved in the project promoters execution of the Project of the change of Fund Operator Project Promoter and in ensuring the smooth continuation of the ProgrammeProject. 6. Where the Fund Operator and/or the FMO is entitled to damages or compensation from the Fund OperatorProject Promoter, it may deduct such amounts from any sums due to the Fund Operator Project Promoter and/or call proceed to any other legal means, including by calling on the appropriate guarantee. 7. The FMO Fund Operator shall be entitled to compensation from the Fund Operator Project Promoter for any damage which comes to light even after the completion of the ProgrammeProject.