Search - contravene

X and/or ACo contravene the exclusivity clause, the sum of $1.5M will have to be refunded to BCo as follows:- If the violation of the clause occurs in the two (2) years following the signature of the Agreement, ACo will have to refund 100% of the amount;- If the violation of the clause occurs after three (3) years, ACo will have to refund 75% of the amount;- If the violation of the clause occurs after four (4) years, but before the five (5) year period, ACo will have to refund 25% of the amount. ...

Answer by the Department of Revenue It appears to us that, by proceeding with the series of proposed transactions, the taxpayer would contravene the provisions of subsection 245(2) of the Act. ...