Commencement and Termination


The IP Agreement may be terminated prematurely under specific circumstances.

Circumstances for commencement and termination

The IP Agreement takes effect after approval in writing by the Parties and is entered into for a period of one (1) year after such given approval. With the exception of prior and timely notice of termination, its duration is extended with the same period each year. Each Party may terminate the Agreement at any time with a prior written notice that has to be received by the other Party, at the latest three (3) Calendar Months before the current period lapses.

Wind Up Procedure

During the notice period as meant the Operator is required to complete a procedure as provided by the Aggregator (“Wind Up Procedure”) that shall effectively terminate the Structure of the Operator, such as however not limited to a notification for End Users and Third Parties, to be published on all to be terminated Websites that the Operator shall wind up its Operations. During the said period, Parties shall remain bound to perform the obligations resulting from the Agreement.

Material Breach

If the Agreement is terminated by the Aggregator due to a Material Breach, it is required to report a Compliance Notification. In the event of Material Breach, any fees paid by the Operator shall be non-refundable.