Keywords: Arkansas, clauses, termination, liquidation, venture Detailed Description: In Arkansas, the state provides various clauses relating to the termination and liquidation of ventures. These clauses outline the necessary steps and legal requirements for ending a business partnership or venture and dealing with the distribution of assets. Different types of Arkansas clauses pertaining to termination and liquidation include: 1. Termination by Mutual Agreement: This clause allows the partners or parties involved in the venture to mutually agree upon ending their business relationship. It may outline the rights and obligations of each party, processes for asset distribution, and any necessary documentation or formalities to be followed. 2. Termination due to Default: In the event that one or more parties fail to meet their obligations as outlined in the venture agreement, this type of clause allows the innocent party to terminate the venture. It may establish conditions for default, procedures for serving notice, and the subsequent liquidation or distribution of assets. 3. Termination for Convenience: This clause permits any party to terminate the venture at their discretion without explicitly citing the reasons. It typically defines the notice period required for termination and outlines the procedures for asset liquidation or distribution following the termination. 4. Termination for Breach of Contract: This type of clause allows one party to terminate the venture due to a material breach of the venture agreement by the other party. It usually specifies the steps required to prove the breach, the period for rectifying the breach, and the consequences of failure to comply (including liquidation or asset distribution). 5. Liquidation and Distribution of Assets: Arkansas clauses relating to the liquidation and distribution of venture assets govern the process of winding up the venture and dividing its resources among the partners. These clauses may include procedures for valuation, allocation of debt, selling assets, and distributing remaining capital or assets among the partners or stakeholders. It is important for individuals or businesses engaged in ventures in Arkansas to carefully review and consider the various clauses relating to termination and liquidation. Seeking legal advice to ensure compliance with state regulations, drafting clear and comprehensive clauses, and understanding the implications of each type of termination and liquidation clause is crucial for a smooth dissolution of a venture in Arkansas.
Arkansas Clauses Relating to Termination and Liquidation of Venture
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Clauses that normally survive termination include choice of law, jurisdiction, arbitration or dispute resolution. Limits and exclusions of liability normally survive termination too.
90-day Notice to Quit (Section 8 housing only) The Notice is a demand that the tenant moves out within 90 days. The landlord must have a legal reason ("just cause") to ask the tenant to move. The Notice must be in writing and include: The date the tenancy will end ("be terminated") Detailed reason(s) for the eviction.
This means that if you signed a contract stating that you will provide 90 day notice before quitting, you (the employee) has a binding legal obligation to give the notice or be in breach of the contract. Your contract may state what the penalty is (sometimes called liquidated damages) for violating the clause.
There are two basic types of termination: 1) termination for cause, otherwise known as termination for default; and 2) termination for convenience. A party's right to terminate its contract may originate from the general principles of contract law or it may arise out of the terms of the contract itself.
(A) A cooperative purchasing agreement is limited to commodities and services for which the public procurement unit may realize savings or material economic value, or both.
Termination clauses, also sometimes called severance clauses, are written into employment contracts. The clause provides a pre-set agreement on what will happen when the employee is terminated in terms of how much notice they get and/or what sort of payment they will receive.
You need to make sure to: Give appropriate notice: Your contract will most likely require you to provide 30 to 90 days notice to be able to terminate the contract. If you do not request termination within the given timeframe, there is a chance you can be charged with a breach of contract.
§ 19-11-801. Architects and engineers are selected through the use of requests for qualifications or requests for proposals and may not be selected only on the basis of price. Before signing a contract with an architect or engineer, a campus or unit must comply with the following Board policies.