A Termination Clause is a clause in a contract that defines the conditions under which either party may terminate the agreement. It typically outlines the notice required to end the contract, the procedures for resolving disputes and the financial obligations of the parties after the agreement is terminated. There are two types of Termination Clauses: 1. Mutual Termination Clause: This clause allows both parties to terminate the agreement if certain conditions are met. 2. Unilateral Termination Clause: This clause allows one party to terminate the agreement without the other party’s consent.
Termination Clause
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Example of a clause regarding and surrounding the topic of Termination of the lease. The termination option is a clause that allows a party to back out of a lease contract during a fixed period of time that precedes its official closing date. Designed to increase flexibility for Tenants, the termination option allows both parties to court other suitors.
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FAQ
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 termination for convenience clause will include: The actual costs of the work that are completed within the terms of the agreement. Costs that will be incurred by the contractor or permitted by the owner in the contract. The amount that will be paid for termination of the contract over the actual costs.
A Standard Clause setting out the length of time a commercial agreement lasts and the rights of one or more parties to terminate the agreement early. This resource also includes standard language addressing contract renewal, post-termination obligations, and survival.
The purpose of inclusion of a termination clause in the agreement is to rule out all the issues that surround breach of agreement. We must understand that not all breaches are equal, termination clauses act like a rule book stating rules on which a termination of agreement shall take effect.
This clause is generally worded as follows; ???? Either party hereto may terminate this Agreement without cause at any time, upon at least thirty (30) days written notice, ??..? .
For an employee to terminate the employment relationship with good reason, the employer must have taken action that result in a material negative change in the duties the employee performs, the conditions under which the employee provides services or the employee's compensation.
Examples of a termination clause Either party will have the right to terminate the contract by giving written notice to the other party at least 3 months before the end of the initial period of the contract or at least 30 days at any point after the end of the initial period.
This Agreement shall be terminated: Upon the expiration of number, e.g., thirty (30) days after either party hereto shall give written notice to the other party of its intention to terminate.