Termination for Material Breach including Non-Payment Clause Samples
Termination for Material Breach including Non-Payment. This Agreement may be terminated by either Party for a material breach of this Agreement by the other Party. If the breach has not been remedied by the offending Party within sixty (60) days after written notice to the offending Party by the offended Party of the alleged breach, this Agreement will automatically terminate. For clarity, non-payment by XYZ of rightfully-owed royalties or Minimum Annual Royalties shall be considered material breaches of this Agreement, provided that ABC has given thirty (30) written notice of non-payment to XYZ prior to delivering sixty (60) day written notice of termination of this Agreement for non-payment, and further provided that after three (3) separate notices from ABC for non-payment by XYZ that XYZ subsequently resolves and prevents termination, any subsequent non-payment by XYZ will give ABC the right, but not the obligation, to terminate this Agreement immediately upon written notice to XYZ.
Termination for Material Breach including Non-Payment. This Agreement may be terminated by either Party for a material breach of this Agreement by the other Party. If the breach has not been remedied by the offending Party within sixty (60) days after written notice to the offending Party by the offended Party of the alleged breach, this Agreement will automatically terminate. For clarity, non-payment by BioInnova of rightfully-owed royalties or Minimum Annual Royalties shall be considered material breaches of this Agreement, provided that University has given thirty (30) written notice of non-payment to BioInnova prior to delivering sixty (60) day written notice of termination of this Agreement for non-payment, and further provided that after three (3) separate notices from University for non-payment by BioInnova that BioInnova subsequently resolves and prevents termination, any subsequent non-payment by BioInnova will give University the right, but not the obligation, to terminate this Agreement immediately upon written notice to BioInnova.