Termination Rights Vzorová ustanovení

Termination Rights. If either party is in default of any material provision of this Agreement, and such default is not corrected within thirty (30) days of receipt of written notice, the other party shall have the right to terminate this Agreement as a whole or any Order Form immediately by providing written notice to the party in breach. Either party shall have the right to immediately terminate this Agreement in writing if the other party: (a) voluntarily or involuntarily becomes the subject of a petition in bankruptcy or of any proceeding relating to insolvency, receivership, liquidation, or composition for the benefit of creditors which is not dismissed within one hundred twenty (120) days or (b) admits in writing its inability to pay its debts as they become due.