Common use of Transactions After Termination Clause in Contracts

Transactions After Termination. 1. In the event notice of termination of this Agreement has been given by one party to the other pursuant to this Section IX or if this Agreement has expired by its terms, GM will not be obligated to ship to MIS Account any orders for Parts, all shipments may be immediately terminated and all orders then on hand may be immediately canceled by GM in its sole discretion. 2. Termination of this Agreement will not affect any rights or obligations of the respective parties, which will have accrued before the termination, including but not limited to MIS Account’s payment obligations. 3. Upon termination of this Agreement by GM under this Section IX or upon the expiration of the term of this Agreement, GM may, upon request by MIS Account and in GM’s sole discretion, purchase from MIS Account Parts considered eligible for return by GM. 4. Upon termination of this Agreement, GM shall provide to MIS Account a statement of all amounts due and owing from MIS Account to GM (the "Final Statement of Charges"). MIS Account is obligated to pay GM all sums owing within thirty (30) days of receipt of the Final Statement of Charges. All amounts stated in the Final Statement of Charges shall be subject to late payment charges from the date due equal to 1-1/2% per month up to the maximum state and federal allowances. 5. The termination of this Agreement by either party shall not entitle MIS Account to any compensation from GM or render GM liable for damages.