FahadKhan

An Agreement That Provides For Release Or Forfeiture

In Vulcan Insurance Co. Ltd v. Maharaj Singh,[1] the Supreme Court held that a clause in an insurance policy stating that the insurer is not liable for losses if the claim is asserted 12 months after the loss is not invalid, since it only provides that a party`s right under the contract is no breach of section 28 of the treaty. Act. This new provision, which does not provide for any retroactivity, would not make this decision a good law from the date of entry into force of this amendment. In this regard, another decision of the Supreme Court may be exhausted. From five (5) working days from the date of default notification and thereafter, while the defaulting party remains late, the defaulting party shall not be entitled to participate in meetings of the works council or subcommittee or to vote on matters submitted to the works council or a subcommittee until all its deficiencies are corrected (including the payment of accrued interest). Unless otherwise agreed between the non-defaulting parties, the share of the voting rights of each non-defaulting party during that period shall be its percentage in the total shareholdings of the non-defaulting parties. Matters requiring a unanimous vote of the parties do not need the voice of the defaulting party. In addition, the defaulting party does not have access to data or information relating to joint operations from five (5) working days from the date of notification of default and thereafter while the defaulting party remains late. During this period, non-defaulting parties have the right to act on data without the consent of that defaulting party and the defaulting party does not have the right to obtain data that they obtain in such a trade, except and until their failure is fully corrected. It is presumed that the defaulting party has decided not to participate in joint or exclusive operations that will be put to the vote at least five (5) working days after the date of notification of the delay, but before all its shortcomings have been corrected, to the extent that such an election would be permitted under Article 5.13 B of this Agreement.

It is presumed that the defaulting party has approved all other measures that have been voted on during that period and that it associates itself with the non-defaulting parties. The words “payable” referred to in the first condition do not qualify the second condition relating to the provision as a penalty. The phrase “if the contract contains a provision other than the fine” expands the operation of the section, so that it applies to all provisions as a penalty, whether the provision is to pay a sum of money or of another nature, such as the end of money already paid. There is nothing in the expression that implies that the provision must be a provision to render something after the breach of the treaty. There is no reason to conclude that the term “contract contains a provision other than the penalty” is limited to provisions of the type of agreement for payment of money or supply of goods in case of breach, and does not include agreements under which the sums paid under the contract or the goods delivered under the contract, which, in accordance with the terms of the contract, may expire explicitly or unambiguously. “No one may contractually exclude himself from the protection of the court. . . .