Common use of Termination on Authority Default Clause in Contracts

Termination on Authority Default. If an Authority Default has occurred and the Contractor wishes to terminate this Agreement, the Contractor must serve a termination notice (the Contractor Termination Notice) on the Authority within thirty (30) Business Days of becoming aware of the Authority Default. The Contractor Termination Notice must specify the type of Authority Default which has occurred entitling the Contractor to terminate. This Agreement will terminate on the day falling thirty (30) Business Days after the date the Authority receives the Contractor Termination Notice, unless the Authority rectifies the Authority Default within twenty (20) Business Days of receipt of the Contractor Termination Notice. Termination on Contractor Default Subject to clause 41.4 (Rectification), the Authority shall be entitled to terminate this Agreement by notice in writing to the Contractor if a Contractor Default has occurred. On termination the Authority may require the Contractor to transfer all of its rights, title and interest in and to the Assets to the Authority.

Termination on Authority Default. If an Authority Default has occurred and the Contractor wishes to terminate this AgreementContract, the Contractor must serve a termination notice (the “Contractor Termination Notice”) on the Authority within thirty (30) Business Days of after becoming aware of the Authority Default. The Contractor Termination Notice must specify the type of Authority Default which has occurred entitling the Contractor to terminate. This Agreement Contract will terminate on the day falling thirty (30) Business Days after the date the Authority receives the Contractor Termination Notice, unless the Authority rectifies the Authority Default within twenty (20) Business Days of after receipt of the Contractor Termination Notice. On termination of this Contract under clause 33.1 (Termination on Contractor Default Subject to clause 41.4 (RectificationAuthority Default), the Authority shall be entitled to terminate this Agreement by notice in writing pay to the Contractor if a the Contractor Default has occurredBreakage Costs in accordance with clause 39 (Method of Payment) on the Termination Date. On termination under this clause 33.1 (Termination on Authority Default), the Authority may shall have the option to require the Contractor to transfer all of its rightsright, title and interest in and to the Contractor Assets to the Authority or as directed by the Authority.