Provision Language
14. DURATION AND TERMINATION
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14.2. A Party (“non-breaching party“) shall have the right to terminate this Agreement in the event the other Party (“breaching party“) is in material breach of any of its material obligations under this Agreement. The non-breaching party shall provide written notice to the breaching party. The breaching party shall have a period of 30 days after such written notice to cure such breach, or to provide a timeline to cure such breach to the satisfaction of the non-breaching party. If such breach is not cured.
14.3. Additional termination rights:
14.3.1. Either Party will have the right to terminate if there has been no active development efforts on any Agreed ARV within the previous one calendar year, or likelihood of development, any time after the second anniversary of this Agreement; or
14.3.2. The other party becomes insolvent, or if an order is made or a resolution is passed for its winding up (except voluntarily for the purpose of solvent amalgamation or reconstruction), or if an administrator, administrative receiver or receiver is appointed over the whole or any part of the other party’s assets, or if the other party makes any arrangement with its creditors or takes or suffers any similar or analogous action in any other jurisdiction.
14.4. MPP may terminate this Agreement at any time by giving the University not less than 90 days’ written notice.