Michigan Clauses Relating to Termination and Liquidation of Venture
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Survival of Terms Clauses (or "Survival Clause" for short) expressly set out the legal obligations which the parties intend to apply after termination. Commercial contracts are likely to contain legal obligations - such as confidentiality clauses ? which are intended to continue after the contract has ended.
TERMINATION FOR CONVENIENCE 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.
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.
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.
This Agreement may be terminated at any time without penalty by a vote of the Trustees; by vote of a majority of the outstanding voting securities of the Trust; or by the Distributor upon not less than sixty days prior written notice to the other party; and shall automatically terminate upon its assignment.
Clauses that survive termination include obligations around breach of contract disputes, substantive procedures, or secondary obligations. Other rights may survive termination as well, including a right to damages and contract performance.
After meeting the core obligations, a survival clause can include more specific details relating to the individual agreement, including the continuance of certain obligations, warranties, and representations. Alternative forms of language allow for more adaptation to the complexity of survival clauses.
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.