1. Termination of the Commercial Agency contract: Subject to Paragraph (b) of Clause (1) of Article (9) of the present Law, the party desiring to terminate the Commercial Agency contract, based on the terms and conditions of the Commercial Agency contract, shall comply with the following: a. It shall serve a notice to the other party that it desires to early terminate the Commercial Agency contract, provided that the notice period is not less than one (1) year before the date set for termination or before the expiry of one half of the contract term, whichever is lesser, unless the two parties agree otherwise; and b. Either Party may submit a detailed report prepared by a specialized professional entity on the settlement of dues, the warranties for non-discontinuation of after-sales services from the markets of the State, the valuation of assets and expected damage, and other details. 2. Resorting to the Committee: a. The party that does not consent to the termination of the Commercial Agency contract based on the terms and conditions of the contract may resort to the Committee to challenge the request for termination of the Commercial Agency contract; b. Either party may provide the Committee with the report prepared by the professional entity, referred to in Paragraph (b) of this Clause; c. The Committee shall decide on the request for challenge set forth in Paragraph (a) of this Clause within one hundred twenty (120) days from the date it is recorded, provided that the expiry of such period without a decision shall be deemed rejection of the challenge; and d. Without prejudice to the provision of Clause (3) of Article (9) of the present Law, the Commercial Agency contract shall remain in force until the expiry of the notice period or decision on the dispute by the Committee, whichever is later. 3. Non-renewal of the Commercial Agency contract: The party that does not desire to renew the Commercial Agency contract shall serve a notice to the other party of non-renewal one (1) year before the expiry of the term of the Commercial Agency contract or before the lapse of one half of the term, which is lesser, unless both parties agree otherwise.
Interpretation and application must be checked against the official text and current version.