Cancellation of agreement

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2015 x (indian company) has signed an agreement with a german company for 10 years. stating that it will use its technology and x company will pay royality of USD 2000 per anumn for the same. Suddenly x company feels that the technology will not work in indian market and wants to cancel the agreement. is it possible ? and what is the procedure. agreement is already signed

Kaushik Joshi

Kaushik Joshi (Expert)
Follow

06 April 2015 Dear Anonymous,
Since the agreement is already signed it shall be a valid contract. As far as rescission of a contract is concerned you'll have to follow the procedure given in the signed agreement.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2015 Dear

Kaushik Joshi

but the company does not want to pay usd 2000 as royalty every year. there must me something to cancel the agreemnet

Kaushik Joshi

Kaushik Joshi (Expert)
Follow

07 April 2015 Like I said earlier, the terms of cancellation of contract available in the contract have to be followed. There must bbea cancellation clause which explains the method till be adopted.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now