CLAUSE 10 Termination
10.1 Without prejudice to the right to claim for damages, if either Party fails to comply with, perform and/or breaches any obligation it has pursuant to this Agreement and that Party does not remedy its compliance, performance and/or breach within fifteen (15) days or within any period of time as may be mutually agrees upon by both Parties after the date of the other Party’s written notice to do so, the other Party may terminate this Agreement with immediate effect.
10.2 Notwithstanding the other provisions of this Agreement, either Party may terminate this Agreement upon serving at least a ninety (90) days prior written notice to the other Party, provided that ISUZU shall have the right to instruct the Contractor to complete the Services already assigned even if the completion will be after the expiration of this Agreement.
10.3 If this Agreement is terminated, ISUZU shall pay for the part of the Services which has been performed or approved by ISUZU, which the Contractor has committed itself to perform on behalf of ISUZU and/or in order to perform the Services related to the ISUZU’s logistics service pursuant to this Agreement.
10.4 If any of the following events occurs with respect to either Party, the other Party may be immediately terminated by giving a written notice to the other Party:
(i) if the property of either Party is subject to attachment, provisional attachment, provisional disposition, disposition by public sale, disposition for failure to pay taxes or any other (similar disposition by a public authority; or if either ISUZU or Contractor files a petition or has a petition filed against it by any person for corporate rehabilitation, corporate reorganization, bankruptcy or sale by public auction;
(ii) if any note or draft issued or accepted by either Party is dishonored, or either Party becomes unable to make payments on its obligations;
(iii) if either Party undertakes a reduction of capital, a dissolution, a transfer of all or an important portion of its business or a substantial alteration or abandonment of its business; provided that, when a resolution of the general meeting of shareholders is required to undertake one of the above acts, this Agreement may be terminated at any time after such resolution is adopted; and provided further, that this paragraph shall not apply to any corporate restructuring that involves the merger, or transfer of shares, ownership interests, or assets between a Party and any of its affiliates directly or indirectly controlled by such Party or controlling such Party;
(iv) if a serious adverse change arises in the assets, financial condition or business of either Party, and the attainment of the purpose of this Agreement thereby becomes impossible or either Party reasonably believes that it shall become impossible; or
(v) if any force majeure situation under Clause 15 in fact persists for more than sixty (60) days and all or substantial part of material responsibilities under this Agreement of either Party to which such force majeure situation occur are not performed.