Termination

[Chris of Arabia]

a) It is understood by both parties that termination of this Business Agreement shall not take place unless by agreement of both parties and the Shareholders of XXX following a specially convened meeting. The process for dealing with failure to meet the obligations of this agreement by either party shall be as follows:

b) Should the 1st Party substantially fail to meet its obligations under this agreement then the 2nd Party shall notify the 1st Party in writing detailing such failure. The 1st Party shall then, within 14 days, reply in writing to the 2nd Party with the explanations for its failure to fully meet its obligations and what remedies the 1st Party intends to put in place.

c) If the 2nd Party is satisfied with such explanations and remedies in the 1st Party’s reply at b) above, and that this shall mean that the 1st Party’s obligations under this agreement are met, then no further action will take place.

d) If the 2nd Party is not satisfied with such explanations and remedies in the 1st Party’s reply at b) above, and that this shall mean that the 1st Party’s obligations under this agreement are not substantially met then the 2nd Party shall notify the 1st Party that further explanation and remedies are required and the 1st Party shall reply within 14 days with such further explanations and remedies.

e) If the 2nd Party is satisfied with such further explanations and remedies in the 1st Party’s reply at d) above, and that this shall mean that the 1st Party’s obligations under this agreement are met, then no further action will take place.

f) If the 2nd Party is still not satisfied with the further explanations and remedies in the 1st Party’s reply at d) above and the 1st Party are still substantially failing to meet their obligations, the 2nd Party shall immediately issue a notice, in writing, to the 1st Party stating that no further payments shall be made until the explanations and remedies are acceptable and the 1st Party’s obligations are being fully met.

g) Following the issue of the further notice in f) above the 1st Party shall reply within 14 days and further action shall take place as follows

(i) If the 1st Party’s reply at g) above contains explanations and remedies acceptable to the 2nd Party and the 1st Party’s obligations are being met in accordance with this agreement, then the 2nd Party shall pay, within 14 days of the 2nd Party’s confirmation that the 1st Party’s reply at g) above is acceptable, the sums of money owed .to the 1st Party.

(ii) If the 2nd Party is still not satisfied with the further explanations and remedies in the 1st Party’s reply at g) above and the 1st Party is still substantially failing to meet their obligations then the 2nd Party shall invite all parties to a specially convened meeting referred to at a) above. The 2nd party shall continue to make no payments to the 1st Party pending the outcome of the meeting.​

Who writes this stuff?

>;o))

 

[clarinetJWD]

The 3rd Party.