Can I exit a contract with a company after serving notice period?

Question

Can I exit a contract with a company after serving notice period?

01-May-2023 (In Corporate Law)

Sir, I signed a franchisee agreement and lease contract with an Oil company, valid for 25 years. The jurisdiction is put as Bombay.

1. Can i withdraw from these contracts by giiving 3 months notice, prior to the stipulated period. Since the business is not profitable from 10 years,and am running in a loss. All the investments and the land is made by me, and licenses from the concerned authorities also in my name.A9

If i make a move do I need to move my case limited to Bombay courts?

What is the best option for me to release my property and investment from this unwanted business.

With regards

Rajan Babu

Answers (1)

Answer #1

Adv. Chikirsha Mohanty

Delhi | 200+ Answers

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LawRato LawRato · Accepted Answer · 2015-05-01T00:00:00+05:30

1. Depending on what the termination clause in the contract says, you can terminate the same after giving notice of however many months is required. In case there is an indemnification clause for termination, you will be made subject to it and will be liable to pay the other party damages for termination of contract. 2. If the jurisdiction has been clearly laid down as Bombay, you will required to file a case there itself. The best option for you to release your property from unwanted business will be to terminate the contract legally, after complying with all the terms and conditions as agreed by you in the original contract, to discourage any future trouble.