Agreement Termination For Convenience
Description
How to fill out Lease Cancellation And Termination Agreement?
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FAQ
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 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.
When a contractor is terminated for cause, the owner is no longer obligated to pay them and they may be liable for costs incurred by the owner in completing the work. The owner can seize the contractor's equipment and materials for use in completing the contractor.
Because a termination for convenience is a mutually agreed right under the contract, such a termination does not constitute a breach of contract that would allow the terminated party to recover its anticipated or lost profits, or other damages allowed for breach of contract.
The 'termination without cause' is also called as termination for convenience clause as the party has an option of exiting the contract after expiration of a pre- determined notice period, without providing any reason.