"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."
Termination by Mutual Agreement. In the event that the Parties mutually agree to terminate the employment of Collins, regardless of the reason or reasons, Collins shall be entitled to receive: (a) his salary and bonuses in accordance with Section 2.2 for a period of 5 (five) years following the date of the termination by mutual agreement; and (b) any and all benefits for which he is entitled for a period of 5 (five) years following the date of the termination by mutual agreement. Collins shall have no further rights under this Agreement or otherwise be entitled to receive any other compensation or benefits after such termination.
In accordance with Article 28 of the Securities Market Law, Sole Ordered Text approved by Supreme Decree No. 093-2002-EF, and the Regulation of Relevant Information and Reserved Information, approved by Resolution SMV No. 005-2014-SMV-01, we are pleased to inform that today, our subsidiary Concesionaria Via Expresa Sur S.A. and the Metropolitan Municipality of Lima have signed an act of termination by mutual agreement of the Concession Contract of the Via Expresa Sur Project of August 8, 2013.
D.For purposes of the Plan, a “Termination by Mutual Agreement” is a Termination of Employment as the result of a mutual agreement between the Employee and an Employer that the Employee’s job skills no longer meet such Employer’s business needs, although the Employee is otherwise willing and able to continue performing services.
Any such termination by mutual agreement shall in all cases be deemed to provide that Section 3(g), Section 5 and Section 6 shall remain in full force and effect.
Termination by Mutual Agreement. This Agreement and your employment hereunder may be terminated by the mutual written agreement between you and the Company. In the event your employment is terminated by mutual agreement, the payment and conditions to payment provided in Section 2.3 “Payment Upon Termination Without Cause or Good Reason Resignation” shall apply. Notwithstanding the foregoing, in the event you are terminated for Cause before the mutually agreed to termination date, you will not receive the benefits provided in Section 2.3.
(b)Termination by Mutual Agreement. Dufour’s employment may be terminated at any time by written agreement between Dufour and CNB.
(f) Termination By Mutual Agreement. This Employment Agreement may be terminated by mutual agreement of the Company and the Executive.
Termination by Mutual Agreement. The Parties may mutually agree in writing to terminate this Contract at any time.
Termination by Mutual Agreement. This Agreement may be terminated at any time upon the mutual written agreement of the Parties.
Termination by Mutual Agreement. This Agreement and any SOW hereunder may be terminated by mutual written consent of the Parties.
5.2 Termination Rights. (a) Termination by Mutual Agreement. At any time, for any reason whatsoever, this Agreement may be terminated effective immediately upon the Parties’ mutual agreement. (b) Termination by Either Party. Either Party may terminate this Agreement by notice in writing to the other Party: (i) if such other Party is in breach of any of its material obligations hereunder (including any breach by SpinCo of any requirements of VSI’s trademark and branding policies and practices in effect as of the Effective Date, and fails to remedy such breach within thirty (30) days after receipt of a written notice giving particulars of the breach and requiring it to be remedied; or (ii) in the event that such other Party files a voluntary petition under the United States Bankruptcy Code or the insolvency laws of any state or any other jurisdiction; or has an involuntary petition filed against it under the United States Bankruptcy Code, is the subject of a similar filing under the bankruptcy or insolvency laws of any other jurisdiction, or a receiver is appointed for its business, unless such petition or appointment of a receiver is dismissed within sixty (60) days.
Termination by Mutual Agreement. This agreement may be terminated at any time prior to the Closing by mutual written agreement of the Company and the Holder.
Termination by mutual agreement is a process where all parties involved in a contract agree to end their contractual obligations. This method provides a way to escape from a contract without repercussions or breach of contract claims, as long as all parties consent to the termination. It often involves written documentation, outlining the terms and conditions of the termination, ensuring clarity and preventing future disputes.
Termination by mutual agreement should be used when all parties realize that continuing with the contract is no longer beneficial or feasible. This might occur due to changes in circumstances, mutual interests no longer aligning, or the discovery of external factors making the contract impractical. It allows for an amicable resolution, ensuring that relationships remain intact and possible legal conflicts are minimized.
When writing a termination by mutual agreement, it’s essential to ensure clarity and precision in the documentation. Here is a basic structure to follow:
Here’s a simplified example:
Agreement for Mutual Termination
This Agreement is made on [Date] between [Party A] and [Party B].
Whereas the parties entered into a contract on [Original Date] and have mutually agreed to terminate said contract, the following terms are agreed upon:
- The contract between [Party A] and [Party B] dated [Original Date] is hereby terminated as of [Termination Date].
- No further obligations shall be imposed on any party beyond [Termination Date], except as specifically provided herein.
- Each party fully releases the other from any claims, liabilities, or obligations pursuant to the contract.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
[Party A’s Signature] [Party B’s Signature]
Termination by mutual agreement can be included in any type of contract where parties may desire an option to exit the agreement amicably. This includes:
Incorporating a mutual termination clause in these contracts provides flexibility and a responsively effective way to manage unforeseen changes during the contract lifecycle.
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
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.
The "Termination of Contract" clause outlines the conditions and procedures under which either party can end the agreement before its natural expiration. It typically includes definitions of breach, notice periods, acceptable grounds for termination, and any associated penalties or obligations upon termination.
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