Termination Of Contract Agreement India
Termination clauses of their nature may offer the defaulting party the opportunity to remedy the infringement committed within a specified period of time in a reciprocal and consensual manner, or the non-defaulting party may engage in the legal process and either seek the specific performance of the contract or demand compensation to compensate for the damage suffered. In addition, in Orissa Manganese and Minerals Pvt. Ltd. v. Adhunik Steel Limited, the High Court of Orissa held that the agreement in question, in which the „termination clause“ stipulated that each party had to issue the other party with a period of 90 days before the termination of the contract to remedy the infringement, was not determinable and therefore particularly applicable. The Court has held that such a circumstance has never arisen and that, consequently, the treaty is not identifiable, unless the condition set out therein is fulfilled. Despite the fact that the case was challenged before the Supreme Court, the Court did not specifically consider the issue of the specific benefit referred to in section 14(1)(c) of the Specific Relief Act. Also known as „termination without cause“, the parties agree to terminate the contract without justification, but set a termination process by dismissing the other party. In the event that the contract between the parties is terminated, consideration shall be paid for the performance of the commitments entered into by the other party with regard to the supply of goods or services. Even if the contract is performed and the other party has fulfilled its obligations in accordance with the original contract, accepted by the first party, the payment of the consideration on the basis of Qunatum Meruit is necessary. The Indian Contract Act 1872, which governs contract law in India, does not provide for specific methods of termination of the contract and the parties may use the methods that best suit their business relationship.
Normally, there are three methods of terminating commercial contracts, each of which is dealt with under this clause. This clause can also be formulated in the treaty as a „termination for an inconsiderate reason“. The parties usually include this clause in the contract in order to protect themselves from a breach of the contractual conditions by the other party. For example, if one party fails to fulfill its contractual obligation, the non-defaulting party, the non-defaulting party, may terminate the contract by termination to the other party. Termination for convenience means termination by prior notice to the other party without justification. The parties may, for convenience, provide for termination for any reason….