Rhode Island Clauses Relating to Termination and Liquidation of Venture
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FAQ
Some versions of the Effect of Termination clause include obligations addressing termination fees and the obligation of a party to return or destroy information or documentation containing confidential information disclosed by the other party.
A standard exit plan may have the following steps: Sale of the assets. Transfer of the interests from one joint venture member to the other. Listing of the Joint Venture on a public exchange. Sale of the interests to a 3rd party.
To be enforceable, a termination clause should: (a) provide the employee with no less than his or her entitlement under minimum applicable standards legislation; and, (b) use clear language to confirm the amount of notice specified is a cap on the employee's entitlements.
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.
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.
Clauses that normally survive termination include choice of law, jurisdiction, arbitration or dispute resolution. Limits and exclusions of liability normally survive termination too.
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 ...
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.