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15.—(1) Where an agency contract is concluded for an indefinite period either party may terminate it by notice.
(2) The period of notice shall be—
(a)1 month for the first year of the contract;
(b)2 months for the second year commenced;
(c)3 months for the third year commenced and for the subsequent years;
and the parties may not agree on any shorter periods of notice.
(3) If the parties agree on longer periods than those laid down in paragraph (2) above, the period of notice to be observed by the principal must not be shorter than that to be observed by the commercial agent.
(4) Unless otherwise agreed by the parties, the end of the period of notice must coincide with the end of a calendar month.
(5) The provisions of this regulation shall also apply to an agency contract for a fixed period where it is converted under regulation 14 above into an agency contract for an indefinite period subject to the proviso that the earlier fixed period must be taken into account in the calculation of the period of notice.
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