California Clauses Relating to Termination and Liquidation of Venture
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How to fill out Clauses Relating To Termination And Liquidation Of Venture?
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The term ?Termination for Cause? shall mean termination because of Executive's personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, or regulation (other than traffic violations or ...
A termination clause is a written provision in an agreement that defines the circumstances under which said agreement can be terminated. Termination can happen before the duties outlined in the agreement are fulfilled.
If a party terminates a contract, it is likely that it will seek to recover any additional costs that flow from the breach of the defaulting party that led to the termination event.
In common with Survival of Terms clauses, Consequences of Termination Clauses can be included in contracts to state the rights which are intended to continue at termination, or end. Survival of Terms clauses often form part of Consequences of Term Clauses, when a Consequences of Term Clause is used.
A written notice of intent of termination of the contract must be served to all members in due time using the method specified in the contract. The terminating party should make an exit plan or strategy to terminate the joint venture. A standard exit plan may have the following steps: Sale of the assets.
Exit clause (plural exit clauses) (law) A provision in a legal document or lease allowing a signatory or lessee to terminate the contract legally and usually without penalty under certain circumstances.
Termination grounds: A termination clause outlines the conditions or grounds under which parties can terminate the contract. These grounds may include failure to meet performance expectations, contract breach or nonperformance, mutual agreement, insolvency, and change in circumstances.
If a contractor lawfully terminates the contract, it may, depending on the circumstances, be entitled to recover from a defaulting party the expenses it incurred in demobilising or paying out subcontractors, as well as the loss of profit.