Notice Of Termination Of Contract For Convenience

State:
Tennessee
Control #:
TN-I17-WC
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Description

The Notice of Termination of Contract for Convenience is a formal document used to notify parties in a contractual relationship about the termination of the agreement. This notice serves to inform the respective contractors and subcontractors involved in a project that the contract is being terminated without cause, allowing for flexibility in decision-making and project management. Key features include the names and identification numbers of both the general contractor and subcontractor, signature requirements, and specific addresses for correspondence. Users should complete all required fields accurately to ensure valid termination. The document is essential for various target audiences, including attorneys and legal assistants, who may need to guide clients through contract management. Partners and owners can also utilize this form to navigate the termination process smoothly with minimal legal complication, while associates and paralegals will find it useful for record-keeping and compliance purposes. Proper filing and editing of this form ensure clarity and prevent disputes over contract terms. The form must be filed with the Tennessee Workers' Compensation Division, making it critical for compliance with state regulations.

How to fill out Tennessee Notice Of Termination Of Agreement General Contractor For Workers' Compensation?

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FAQ

A termination for convenience clause is a clause in a construction contract that allows one or both parties to terminate the agreement without a specific reason for doing so (such as a default or breach of the contract).

Termination for convenience clauses are intended to provide the owner with the option to terminate the remaining balance of the contracted for work for a reason other than the contractor's default.

Termination for Convenience. Either party may terminate this Agreement without cause and at any time upon giving 30 days' prior written notice to the other party (each, a termination for "Convenience"). Such termination will be effective on the date stated in the notice.

Termination for convenience refers to the exercise of the government's right to bring to an end the performance of all or part of the work provided for under a contract prior to the expiration of the contract when it is in the Government's interest to do so.

Stated in simple terms, the basic concept is that a partial termination for convenience is priced by adding up from zero all the costs incurred for the completed work as well as the anticipated costs for the remaining work whereas a deductive change is priced by subtracting the estimate of future costs to perform the

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Notice Of Termination Of Contract For Convenience