Maryland 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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FAQ
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.
Either party may, by giving 60 days notice in advance to the other party, exit from the agreement and the agreement shall stand terminated on expiry of 60th day from receipt of such notice.
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.
Clauses that normally survive termination include choice of law, jurisdiction, arbitration or dispute resolution. Limits and exclusions of liability normally survive termination too.
Survival clauses are the clauses that identify as being able to survive the termination of the contract and demanding compliance from the parties to the provision thereto even if the parties have concluded or terminated the contract. For example, confidential information, indemnity, residual knowledge etc.
However, most indemnification provisions cover tort claims or allocate risk for third-party claims. Since a party might not become aware of these claims until after the contract termination, those indemnification provisions should survive termination.
The Owner may terminate this contract at any time by giving at least ten (10) days' notice in writing to the Contractor. If the contract is terminated by the Owner as provided herein, the Contractor will be paid for the time provided and expenses incurred up to the termination date.
Here 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.