Termination of contract

sahil gupta (Querist) 01 February 2013 This query is : Resolved
A contract has been entered between two parties regarding supply of Gas to tenants of a Mall at food court.
Now the mall wishes to terminate the agreement and want to enter another agreement with another Gas providing company. The terms and condition states that term of the contract is for 10 years. No exit clause is provided in favour of Mall. Arbitration clause is also agreed in the agreement. Kindly suggest how to terminate the agreement and enter new agreement with other vendor.

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ajay sethi (Expert) 01 February 2013
necessary to go through the provisions of contract . in case of wrong ful termination mall would be liable for damages

Guest (Expert) 01 February 2013
In the stated conditions, termination of contract can be made only on formal mutual consent/agreement of both the parties to the contract. No other way out.

Raj Kumar Makkad (Expert) 02 February 2013
You shall have to find out any lacuna in the service and only thereafter you may issue the notice and can terminate the agreement otherwise there is no way out except to make compensation as decided.

sahil gupta (Querist) 04 February 2013
Thanks all...

Guest (Expert) 04 February 2013
You are welcome.

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