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)
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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.

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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

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Kaushik Joshi

Kaushik Joshi (Expert)
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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.