Question: the attached is a termination clause, read it, find a loophole considering that one party has mobilized humongous resources including around 7 thousand working hours

the attached is a termination clause, read it, find a loophole considering that one party has mobilized humongous resources including around 7 thousand working hours for a whole team over the term from 2023 to date while the other delivered nothing. Make it legal as if coming from a lawyer and compelling of termination

the attached is a termination clause, read it, Article (7): Term Termination: 7.1 7.2 7.3 7.3 Initial Term: Unless terminated in writing by the mutual agreement of the Parties, this Agreement shall remain in force for a period of 10 year(s), commencing as of the Effective Date (the \"Initial Term\"). Renewal: Upon the expiry of the Initial Term, this Agreement shall only be renewed by written agreement of the Parties. Rights and Obligations after Termination: Expiry and termination of this Agreement shall not affect any rights or obligations of the Parties under any agreement or arrangement made in connection with any specific project or submission prior to the effective date of termination. Provisions Surviving Termination: Those provisions of the Agreement which by their nature survive termination, shall so survive any termination hereunder, including without limitation, Article 6 (Exclusivity/Non-competition), Article 9 (Representations and Warranties), and Article 10 (Miscellaneous Provisions), and any obligation to make payment under the terms of this Agreement. For the avoidance of doubt, the Parties hereto shall be entitled to the share of the Net Profit related to any Project initiated during the effective date of this Agreement

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock