Common use of Termination, Rescission Clause in Contracts

Termination, Rescission. 20.1 The Principal can cancel the agreement unilaterally at any time, provided that it compensates the Contractor for what has already been delivered or performed properly and for the cancellation costs demonstrated by the Contractor. No compensation shall be paid for loss of profit. 20.2 If the Contractor seriously fails to fulfil its contractual obligations, the Principal can dissolve this agreement and all orders in hand and/or placed ipso jure by registered letter, without prejudice to its right to compensation. Serious shortcomings are considered to be, for example but not exclusively, repeated failure to comply with the warranty obligation, failure to comply with the safety provisions or the ESG Standards, failure to pay its social, tax or salary debts, not (or no longer) being in possession of the required permits or approvals, using staff which do not (or no longer) possess the required autorisations, permits or approvals, events which undermine the creditworthiness of the Contractor (e.g. bankruptcy) or which make the successful performance of the works uncertain. 20.3 If the Contractor has acquired from the Principal any documents, records, plans or drawings within the scope of or for the purposes of fulfilling the contract the Contractor must forthwith hand them over to the Principal in the event of termination of the contract by the Principal. These requirements apply likewise in the event of rescission.

Termination, Rescission. 20.1 The Principal Buyer can cancel the agreement unilaterally at any time, provided that it compensates the Contractor for what has already been delivered or performed properly and for the cancellation costs demonstrated by the Contractor. No compensation shall be paid for loss of profit. 20.2 If the Contractor seriously fails to fulfil its contractual obligations, the Principal Buyer can dissolve this agreement and all orders in hand and/or placed ipso jure by registered letter, without prejudice to its right to compensation. Serious shortcomings are considered to be, for example but not exclusively, repeated failure to comply with the warranty obligation, failure to comply with the safety provisions or the ESG Standardsenvironmental provisions, failure to pay its social, tax or salary debts, not (or no longer) being in possession of the required permits or approvals, using staff which do not (or no longer) possess the required autorisationsauthorizations, permits or approvals, events which undermine the creditworthiness of the Contractor (e.g. bankruptcy) or which make the successful performance of the works uncertain. 20.3 If the Contractor has acquired from the Principal Buyer any documents, records, plans or drawings within the scope of or for the purposes of fulfilling the contract the Contractor must forthwith hand them over to the Principal Buyer in the event of termination of the contract by the PrincipalBuyer. These requirements apply likewise in the event of rescission.

Termination, Rescission. 20.1 21.1 The Principal can cancel the agreement unilaterally at any time, provided that it compensates the Contractor for what has already been delivered or performed properly and for the cancellation costs demonstrated by the Contractor. No compensation shall be paid for loss of profit. 20.2 21.2 If the Contractor seriously fails to fulfil its contractual obligations, the Principal can dissolve this agreement and all orders in hand and/or placed ipso jure by registered letter, without prejudice to its right to compensation. Serious shortcomings are considered to be, for example but not exclusively, repeated failure to comply with the warranty obligation, failure to comply with the safety provisions or the ESG Standards, failure to pay its social, tax or salary debts, not (or no longer) being in possession of the required permits or approvals, using staff which do not (or no longer) possess the required autorisations, permits or approvals, events which undermine the creditworthiness of the Contractor (e.g. bankruptcy) or which make the successful performance of the works uncertain. 20.3 21.3 If the Contractor has acquired from the Principal any documents, records, plans or drawings within the scope of or for the purposes of fulfilling the contract the Contractor must forthwith hand them over to the Principal in the event of termination of the contract by the Principal. These requirements apply likewise in the event of rescission.