Common use of Termination on Material Default Clause in Contracts

Termination on Material Default. Either Party may terminate this Framework Agreement by serving notice on the other Party in writing with effect from the date specified in such notice where such other Party commits a Material Default under sub-paragraph (a) or (c) of the definition of Material Default (“General Default”), and if: the General Default is capable of remedy but the defaulting Party has not remedied the General Default to the satisfaction of the other Party within twenty (20) Working Days, or such other period as may be specified by such other Party, after issue of a written notice specifying the General Default and requesting it to be remedied; or the General Default is not, in the reasonable opinion of the Party seeking to terminate this Framework Agreement, capable of remedy.

Termination on Material Default. Either Party may terminate this Framework Agreement by serving notice on the other Party in writing with effect from the date specified in such notice where such other Party commits a Material Default under sub-paragraph (ai) or (cii) of the definition of Material Default (“General Default”), ) and if: the General Default is capable of remedy but the defaulting Party has not remedied the General Default to the satisfaction of the other Party within twenty (20) Working Days, or such other period as may be specified by such other Party, after issue of a written notice specifying the General Default and requesting it to be remedied; or the General Default is not, in the reasonable opinion of the Party seeking to terminate this Framework Agreement, capable of remedy.