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.