Essay: The Typical Ipso Facto Clause

Sample Essay

Under this clause, commonly the provision that lies factual is that without notice, this Agreement shall be ceased without any prior notice, either by any of the party facing bankruptcy or settlement of debts due to insolvency.

This is applicable mostly in the seizure of contracts and miscellaneous agreements. What activates this need for termination includes factors such as:

• An intentional bankruptcy;
• Insolvency of any of the parties in contract
• Liquidation (George and Chattopadhyay)

The main catalysts for terminating a contract are either of the parties facing insolvency or liquidation. However, when the monetary situation of only one of the parties involved in the contract gets weak, the more economically secure party may be adamant that the other party walks out of the contract.

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