Contract Termination For Convenience In Phoenix

State:
Multi-State
City:
Phoenix
Control #:
US-00048DR
Format:
Word; 
Rich Text
Instant download

Description

In the context of real property law, a listing agreement governs the terms of the sale of real property by a third party real estate agency or broker. A listing contract may cover issues, among others, such as the price and terms of sale, broker's commission, agency duties of a listing agent, whether or not the property will be listed with the local MLS (multiple listing service), lockbox use, and resolution of disputes.


There are at least ten ways that a listing agreement may be terminated.


" When a real estate broker successfully sells a property for their client the listing agreement is complete.

" Listing agreements are typically inclusive of a definite time frame. When this period of time is reached, the listing agreement is terminated. Automatic extensions are illegal in many states, and are highly discouraged.

" If a broker does nothing to market the property, the owner of the property may end the listing due to the brokers abandonment of the property.

" Sellers can revoke the listing agreement, however there may be damages to the broker for which the seller can be held liable.

" Brokers can renounce the listing agreement, however they may be held for damages to the seller.

" Death, insanity, or bankruptcy of either the broker or the seller will often terminate the listing.

" Destruction of the property terminates the agreement because the agreement cannot be performed.

" The listing agreement can be terminated through a mutual consent between the broker and the seller.

" If the use of the property changes significantly, the listing agreement can be cancelled.

" In the real estate market, transfer of title by operation of law can terminate the listing agreement.

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FAQ

Mutual Agreement: Both parties may agree to terminate the contract early. This is often the simplest and least contentious method. Termination Clauses: Many contracts include specific clauses that outline the conditions under which the contract may be terminated before its natural conclusion.

A “termination for convenience” clause states that a property owner may terminate a contractor at its convenience for no reason at all. There does not need to be any breach of contract in place. However, the clauses typically require advance notice (such as 30 days).

A party may no longer be able to deliver on the contract - which in turn can give rise to rights to terminate the contract altogether. Termination by performance. Termination by Agreement. Termination for Breach of Contract. Termination by frustration.

Simply explain that you are terminating the contract because the terms were not met (or for whatever other reason you deem it necessary) and that any concerns can be returned to you in writing or via your preferred contact method.

The best way to end a contract early is to speak with the party you're in contract with. Simple negotiation is often all it takes to reach a favorable resolution. If they don't agree to ending the contract early, consider getting a lawyer to help you determine your next best step.

Can my resignation be “with immediate effect”? Is it a good idea to do so? If you have less than 1 months' service, and no notice provisions in your contract of employment, then you can resign with immediate effect. You otherwise need to give 1 week's statutory notice (or longer if your contract provides for this).

The termination for convenience clause is designed to give the terminated party a more fair and equitable result than if it were terminated for cause since the termination does not result from its wrongful conduct — a breach of the contract.

As a general rule, a contract is binding as soon as you sign it, and you do not have the right to cancel the contract.

More info

Upon said termination, Contractor shall be paid the compensation due for all services rendered through the date of termination including any retainage. Termination expenses as provided in the contract term or standard specifications dealing with terminations for convenience of the owner.The owner may, at any time, terminate the contract for the owner's convenience and without cause. Liability, Indemnification, and Benefits. 13.1 The City may terminate this Agreement without cause effective upon thirty. Private companies can also cite convenience when terminating a contract, but only if such a privilege is part of the terms of their contract. Learn essential steps for contractor contract termination. Below are eight reasons that you need an Independent Contractor Agreement in Phoenix, Arizona. Failure to successfully complete AZRamp assessment will be deemed as breach of contract. Terminating someone in breach of contract.

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Contract Termination For Convenience In Phoenix