The "Termination by either party" clause allows either party involved in the contract to end the agreement under specific conditions outlined within the clause. This provision details the process for termination, any required notice period, and potential penalties or consequences that may arise from the early termination of the contract.
The closing of the transaction is subject to the receipt of a final and unappealable decision of the California Public Utilities Commission (CPUC) approving the transaction and other customary closing conditions and covenants. The Agreement had been subject to termination by either party if the transaction had not closed by December 20, 2019.
On December 5, 2019, the CPUC approved the transaction and an order was issued on December 12, 2019, which order is subject to a ten-day appeal period. On December 10, 2019, NWN Gas Storage and the buyer amended the Agreement to change the date after which the Agreement would be subject to termination by either party from December 20, 2019 to February 28, 2020
The Duchene Employment Agreement provides for an initial term through February 2, 2023, with the term automatically renewing annually thereafter for an additional one year term unless either party provides at least sixty days’ written notice of non-renewal and subject to earlier termination by either party.
Upon early termination by either party, all licenses granted by the parties will automatically terminate.
If re-elected, Mr. Lau’s appointment shall continue for a period of 36 months and would be renewed every 36 months as determined by the Board or the shareholders of the Company, subject to one month’s notice of termination by either party.
1. Paragraph 8 of the Agreement is hereby amended to provide that the Agreement shall continue and remain in force and effect until the earlier to occur of (i) June 10, 2021 or (ii) written termination by either party upon no less than sixty (60) days prior written notice to the other party.
Party A shall share the portion of salaries expenses paid by Party B in relation to the general work allocation of the staff, in accordance with the estimated workload of staff used by Party A, for staff as listed below, starting from 1 July 2019 until termination by either party with one month’s written notice
In the event of termination by either Party under this provision, the Company shall pay the Consultant for services performed up to, and expenses incurred until, the time of termination. A final invoice will be sent to the Company upon termination and shall be due within thirty (30) days of such invoice date.
Pursuant to the Share Purchase Agreement, the closing of the proposed acquisition is subject to certain conditions including, among others, obtaining necessary regulatory approvals from governmental authorities, and the Share Purchase Agreement is subject to termination by either party if the closing does not occur by the long stop date. As of December 31, 2023, the long stop date, the closing conditions provided for in the Share Purchase Agreement had not been fully satisfied.
11. Termination by Either Party. This Agreement may be terminated by the Company (1) for Cause (subject to a 30 day cure period), (2) upon the Bankruptcy of the Services Provider, or (3) upon 60 days’ written notice if the Company no longer holds any Property. This Agreement may be terminated by the Services Provider (1) upon 60 days’ written notice, (2) for Cause (subject to a 30 day cure period), or (3) upon Bankruptcy of the Company. If this Agreement is terminated by the Services Provider, then the Services Provider shall be entitled to the value of its Liquidation Fee as provided under Section 5(f) above determined based on the NAV Per Share at the date of termination.
Term Appointment on an ongoing basis subject to customary probationary period and termination by either party (see termination and notice below).
On November 7, 2023, the Company entered into an employment agreement with Mr. Beckman in connection with his appointment to the position of Chief Financial Officer (the “Employment Agreement”) that will become effective on the Effective Date. The Employment Agreement provides for an indefinite term subject to termination by either party.
On September 1, 2023, the Company entered into an employment agreement (the “Employment Agreement”) with Mr. Castellani. The Employment Agreement has an indefinite term, subject to termination by either party on nine months’ advance written notice, and includes non-competition covenants during Mr. Castellani’s employment and non-solicitation covenants applicable during and for 12 months following Mr. Castellani’s employment.
Term - Expansion Premises. The term of the Lease with regard to the Expansion Premises is month to month (‘Temporary Expansion Term”). The Temporary Expansion Term shall expire upon the earlier of (i) full execution of the Second Amendment and fulfillment of the contingency set forth therein, or (ii) 15 days after written notice of termination by either party to the other party.
The Collaboration Agreement also contains customary provisions for termination by either party, including in the event of breach of the Collaboration Agreement, subject to cure.
1. TERM. The term of this Agreement (the “Term”) shall commence on the date hereof and shall continue in effect until the earlier of (i) its termination by either Party upon written notice to the other Party, (ii) the consummation of the IPO and (iii) December 31, 2020.
Upon expiration or termination by either party of a Program Agreement, Sterling or Zale, as applicable, retains the option to purchase, or arrange the purchase by a third party of, the program assets from Comenity on customary terms and conditions.
Termination by Either Party refers to a provision within a contract that allows either party involved to terminate the agreement under specified conditions. This clause is often included to provide flexibility and protection for both parties, ensuring that they can exit the contract if necessary without significant legal ramifications.
You should consider using a Termination by Either Party clause in situations where:
To write a Termination by Either Party clause, you should:
Clearly Specify Conditions: Define the conditions under which the contract can be terminated by either party. This could include a notice period or specific events that allow for termination.
Example: “Either party may terminate this agreement by providing 30 days’ written notice to the other party.”
Include Notice Requirements: Outline how termination notices should be communicated, whether via email, registered mail, or other means.
Define Consequences: Specify any consequences or procedures following termination, such as settling outstanding payments or returning confidential information.
Example: “Upon termination, both parties agree to settle any outstanding invoices within 15 days and return all proprietary materials.”
Termination by Either Party clauses are commonly found in:
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
"Termination by mutual agreement is a clause that allows all parties involved in a contract to end the agreement through a consensual decision. This type of termination ensures that all parties are released from their obligations without any breach or penalty, promoting a cooperative resolution to discontinuing the contract."
A "termination for cause" clause allows a party to end a contract if the other party breaches the terms or engages in misconduct. This clause typically outlines specific conditions or actions that justify termination, providing legal protection and delineating the process for ending the agreement.
The "termination for convenience" clause allows one party to unilaterally terminate a contract without cause, typically requiring specified notice and potentially incurring a penalty or termination fee. This provision provides flexibility by enabling parties to exit agreements for strategic or unforeseen reasons without alleging breach or fault.
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