Right to cancel
Suspension, dissolution and cancellation of the agreement
1. Chemnovatic is entitled to dissolve by registered letter and with immediate effect the agreement, to stop the Goods in transit and to suspend any (further) delivery if:
- the Buyer is and stays in default to comply (in time) with one or more of his obligations under this agreement;
- due to circumstances brought to the attention of Chemnovatic after the conclusion of the contract, Chemnovatic has a justified fear that the Buyer will not meet his obligations;
- if the Buyer is declared bankrupt, asks for extension of time of payment, is dissolved or strives to conclude amicable or courts settings with his creditors;
- due to a delay caused by the Buyer, Chemnovatic can no longer be required to fulfill the agreement under the terms originally agreed upon.
This notwithstanding the rights of Chemnovatic to claim compensation.
2. If the agreement is dissolved, the debt clams by Chemnovatic fall due. If Chemnovatic suspends her obligation to comply with her commitments under the agreement, she will retain her rights under the law and the agreement.
3. If Chemnovatic suspends or dissolutes the agreement, she is in no way liable for damages and costs that are thereby incurred.
4. If the dissolution is attributable to the Buyer, Chemnovatic is entitled to ask for compensation for damages, including the costs thereby directly and indirectly incurred.
5. If the Buyer fails to meet its obligations under the agreement and does not justify his non-compliance, Chemnovatic has the right to dissolve the contract with immediate effect and without any obligation to pay for any indemnity or compensation, while on the other hand the Buyer, due to his misconduct, is obliged to compensate Chemnovatic.
6. If the agreement is terminated by Chemnovatic, Chemnovatic will, in consultation with the Buyer, arrange that duties to third parties will be met by transferring them, unless the dissolution is accountable to the Buyer. If the transfer of work implies that additional costs are incurred by Chemnovatic, these costs will be entirely borne by the Buyer. The Buyer is obliged to pay these costs within the term specified, unless otherwise stated by Chemnovatic.
7. In case of total or partial cancelation of a placed order by the Buyer, the ordered or prepared Goods will be fully charged to the Buyer. The invoice will be increased by eventually supply- and delivery costs and by the cost for the reserved working time to execute the agreement.
8. The Buyer may only discontinue the execution of an order of a periodic nature, i.e. an order involving recurrent partial orders, by giving the advance notice of cancellation stipulated below. The notice of cancellation must be served by registered letter. In the event of failure to meet the deadlines, the Buyer shall compensate Chemnovatic for all damage incurred and loss of profits during the period of non-fulfillment. Term of notice: :
- 3 months for an order of a periodic nature with an annual turnover of 7.500 EUR ;
- 6 months for an order of a periodic nature with an annual turnover of 25.000 EUR ;
- 1 month for an order of a periodic nature with an annual turnover of 25.000 EUR or more.