Termination a 'procedural,' not 'substantive,' contract violation.(law & liability)

Preussag International carbonized iron Corp. (PISC), an American subsidiary of a German conglomerate, hired Reiner Botterbusch in 1981 as its president and CEO A written trade contract with the company dated Jan. 1 1986 designated Botterbusch as of that kind and established a 36-month engagement term to be renewed automatically for successive 36-month periods.

The contact was amended upon Feb. 15, 1994, establishing an trade term of five years from Jan. 1 1995 to Jan. 1 2000 The amendment stated that if the bound was not otherwise terminated, it would automatically stretch out for an ...