The "Term of Agreement and Termination" clause outlines the duration for which the contract remains in effect and specifies the conditions under which either party can terminate the agreement. It typically includes details on the start and end dates, renewal options, and any notice requirements for termination.
TERM OF AGREEMENT AND TERMINATION. (a)Term of Agreement, This Agreement shall commence as of the Effective Date and shall, unless renewed or extended as hereinafter provided, shall expire on June 30, 2023. Unless either BHL or Consultant provide the other with notice of its intention to terminate this Agreement at least sixty (60) days prior to June 30, 2023 or any extended period, this Agreement shall automatically renew and be extended for one or more additional six (6) month consecutive periods. The period from the Effective Date to June 30, 2023, as the same may be extended as hereinabove provided, is deemed to be the “Term” of this Agreement. Absent a breach or default of any of the provisions of this Agreement by either Party, this Agreement may not be unilaterally cancelled by a Party during an active Term. (b)Termination, The ongoing Services of the Consultant may be terminated by BHL prior to the expiration of the applicable Term immediately for “Cause” as determined by BHL. As used herein, the term “Cause” shall mean and be limited to: (i)Breach by TPA or Xiao of either of the BHL Financial Covenants set forth in Section 6.04(a) of the BHL Operating Agreement; (ii)a material breach by TPA or Xiao of its or his covenants and agreements set forth herein which, if capable of cure, shall not be cured to the reasonable satisfaction of BHL within 30 days of written notice by BHL of such breach; (iii)conviction of the TPA or Xiao of any felony or crime involving securities fraud or moral turpitude; (iv) breach by Consultant of the provisions of the BHL Operating Agreement or the other Transaction Documents referred to in Section 5(c) below; or (v)misappropriation of any corporate opportunity or asset available or belonging to BHL or the material breach of Consultant’s duties of care and loyalty to BHL.
TERM OF AGREEMENT AND TERMINATION 1. Either party may terminate this Agreement, if the other party is in material breach of the Agreement, by giving written notice thereof to the other party, to cure such breach, following which, without curing the breach, this Agreement shall terminate. Such notice shall specify the alleged material breach, shall state the termination date and shall be sent by certified mail, return receipt requested, to the other party at the notice address specified. 2. The defaulting party shall have thirty (30) days to cure the default to the reasonable satisfaction of the non-defaulting party.
10. Term of Agreement and Termination. 10.1 Term. The term of this Agreement (the “Term”) shall commence on the Effective Date and shall remain in force, unless otherwise terminated as provided for herein. 10.2 Termination. Either Party may terminate this Agreement entirely, with a (90) ninety days prior written notice provided to the other Party.
TERM OF AGREEMENT AND TERMINATION Section 4.1. Term. This Agreement shall be for an initial term commencing as of the Effective Date and ending on the last day of the calendar year in which the Effective Date occurs. Thereafter, this Agreement shall be automatically extended for additional periods of one (1) year. Section 4.2. Termination. If the Company, on the one hand, or Service Provider, on the other, shall be in breach of, or fail to observe or perform, any of its obligations under this Agreement and such failure shall continue for five (5) business days after written notice shall have been given by the other party, then this Agreement may be terminated upon notice by the non-breaching party. In addition, this Agreement may be terminated at any time upon prior written notice by either Service Provider or the Company with respect to the entirety of the Agreement or as to specific Portfolio investments. Section 4.3. Rights upon Termination. Upon termination, the rights and obligations of the parties will cease except as to (i) reimbursements and other payments due Service Provider pursuant to this Agreement which accrued or arose before termination and (ii) those obligations under this Agreement that specifically survive any termination hereof.
Term of Agreement and Termination -This Agreement shall be effective on the Effective Date and shall continue in force for a three (3) year period. Six (6) months prior to the expiry of the contract the Manufacturer will review the contract performance with the Distributor and may renew the entire contract including any or all of the Territories covered by the contract based on this review.
Term of Agreement and Termination. The initial term of the Agreement shall be from May 20, 2022 to July 30, 2025 (the “Term”) which may be extended by agreement of the parties. In addition to any other right or remedy provided by applicable law or this Agreement, either party shall have the right to terminate this Agreement immediately by providing notice thereof to the other party if the other party: (i) becomes insolvent or files a voluntary petition in bankruptcy or for reorganization or other debtor relief, or a third party petitions to have such party involuntarily declared insolvent or bankrupt and such petition for involuntary insolvency or bankruptcy is not dismissed within thirty (30) days after being filed; (ii) makes an assignment for the benefit of creditors, or a custodian, receiver, intervenor, trustee or similar officer is appointed to take charge of all or part of representations, warranties or its property; (iii) ceases to do business, liquidates or dissolves; or (iv) materially breaches its obligations under this Agreement and such breach is not cured within thirty (30) days after notice of breach is received from the non-breaching party. Termination of this Agreement will not relieve either party from due performance of all obligations which matured prior to the effective date of such termination.
Term of Agreement and Termination refers to the section in a contract that specifies the duration of the agreement and the conditions under which it can be ended. This section outlines when the agreement starts, how long it lasts, and the process for either party to terminate the contract, whether for cause or without cause.
The Term of Agreement and Termination clause should be used in any contractual document where it is important to define the duration of the agreement and the procedures for termination. This is especially crucial in long-term contracts, where parties need to understand their obligations and how they can exit the agreement if needed.
When drafting this section, you should:
Specify the Term: Clearly state the start date and duration of the contract. This could be a fixed term or based on the completion of specific milestones.
Detail the Termination Provisions: Outline the conditions under which the agreement can be terminated, such as for breach, mutual consent, or convenience.
Include Notice Requirements: Establish how notice of termination should be communicated, including the format and delivery method.
The Term of Agreement and Termination clauses are commonly found in:
Including well-defined Term of Agreement and Termination clauses can help prevent disputes and ensure that both parties have a clear understanding of their rights and obligations throughout the contract’s lifespan.
Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
The "Term of Agreement" clause specifies the duration for which the contract will remain in effect, outlining the start and end dates or conditions under which the agreement will be active. It may also include provisions for renewal, extension, or termination of the contract, detailing the process and notice requirements for altering the contract term.
The "Term of Contract" clause specifies the duration over which the contract will remain in effect, including the start and end dates. It may also outline conditions for renewal or extension, as well as procedures for termination before the contract's original expiration.
A "termination at will" clause allows either party to end the contract at any time without cause, typically provided a specified notice period is given. This clause offers flexibility but can also introduce uncertainty into the contractual relationship.
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