Mutual Termination For Default Clause
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FAQ
Hear this out loud Pause(a) Termination for default is generally the exercise of the Government's contractual right to completely or partially terminate a contract because of the contractor's actual or anticipated failure to perform its contractual obligations.
Hear this out loud PauseFor example, if a contractor misses either an interim or final deadline, no cure notice is necessary?the government can terminate the contract for default immediately, as it should be obvious to the contractor that it is not performing timely.
Hear this out loud PauseHere is an example of a termination clause: ?Party A and Party B have the right to terminate the Contract under material breach, change in circumstances, insolvency, and mutual agreement. To terminate the Contract, the terminating party must provide 30 days of written notice to the other party.
A Termination for Default is the complete or partial termination of a contract because of a contractor's actual or anticipated failure to meet its contractual obligations.
Hear this out loud PauseThe Parties mutually agree that Contract shall be terminated effective [date] (the "Termination Date"). [Optional: Except as expressly provided herein, the Contract will terminate ing to the terms as set forth therein.] Upon the Termination Date, the Contract shall have no further force or effect.
