Business Closure Sample Clauses
A Business Closure clause defines the terms and conditions under which a business may temporarily or permanently cease operations. This clause typically outlines the procedures for notifying relevant parties, handling outstanding obligations, and managing assets or inventory during the closure process. Its core practical function is to provide a clear framework for winding down business activities, thereby minimizing confusion and disputes among stakeholders when a closure occurs.
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Business Closure. At the start of the assignment, the client should inform ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ about any business closures or compulsory collective leave days during the term of the assignment, so that ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ may include these circumstances in its employment contract with the ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Interim Professional if possible. If an intention to schedule business closure and/or compulsory collective leave days does become known after the assignment has started, the client should inform ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ immediately. If the client fails to inform ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, the client is obliged, for the duration of the business closure and for each period, to pay to ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ the full rate based on the most recent or usual amount of hours and overtime under the assignment and terms and conditions.
Business Closure. If the Company ceases business operations or is unable or not permitted to continue its business for any reason, the Company may, at its option, terminate this Agreement by giving written notice to Executive without further obligation to Executive.
Business Closure. The procedure governing the lay-off, recall and termination of employment as the result of a Business Closure shall be exclusively governed by Article 14, and the procedures established in Articles 13.01 Layoff Procedure and 13.02 Recall Procedure and Appendix “B: PART-TIME EMPLOYEES Articles 13.01 Layoff Procedure and 13.02 Recall Procedure shall not apply during the Closure Period.
Business Closure. In the event of a closure of business, the Employer shall give the Union at least sixty (60) days advance notice of such closure. The Employer will agree to meet with the Union within five (5) days of the announcement of the closing in order to bargain over the effects of the closure of the facility. The Employer will agree to fully participate in (non-monetary) programs designated by the Union in order to accomplish employee retraining, job placement and relocation.
Business Closure. If you cease business operations or are unable or not permitted to continue business under any applicable law or regulations, you shall immediately provide us a written notice with proof of such cessation; we may at our sole option, terminate this Agreement upon receipt of such notice.
Business Closure. At the start of the assignment, the client should inform Manpower Business Professionals about any business closures or compulsory collective leave days during the term of the assignment, so that Manpower Business Professionals may include these circumstances in its employment contract with the Manpower Business Professionals Interim Professional if possible. If an intention to schedule business closure and/or compulsory collective leave days does become known after the assignment has started, the client should inform Manpower Business Professionals immediately. If the client fails to inform Manpower Business Professionals, the client is obliged, for the duration of the business closure and for each period, to pay to Manpower Business Professionals the full rate based on the most recent or usual amount of hours and overtime under the assignment and terms and conditions.
Business Closure. If a taking of either the Premises (or any portion thereof) or points of access to the Premises is of such a nature that it creates a condition that causes Tenant, in its reasonable business judgment, to determine that it is economically impractical to operate the Premises, and such conditions continue for more than ninety (90) days, Tenant shall have the right to terminate this Lease upon written notice to Landlord at any time after such ninety (90) day period and prior to the remediation of such condition. If Tenant elects to terminate the Lease pursuant to this Section 13.5, this Lease shall terminate thirty (30) days after Landlord's receipt of such termination notice.
Business Closure. (a) Buyer, Seller and ROC acknowledge and agree that the intent of Buyer in consummating the transactions contemplated by this Agreement and the other Transaction Documents is to effect the Business Closure of the Hotel/Casino.
(b) Seller and ROC shall maintain all Seller Permits and Gaming Approvals reasonably necessary to enable Seller and ROC to operate the Hotel/Casino during the Business Closure Period and to sell the Gaming Assets.
(c) Seller and ROC shall use their respective commercially reasonable efforts to effect the Business Closure during the Business Closure Period; provided, however, that if the Business Closure is not completed within the Business Closure Period, Buyer shall be entitled to the following payments (each, a “Liquidated Damages Payment”):
(i) for the period commencing on the first (1st) day following the end of the Business Closure Period and ending on the thirtieth (30th) day following the end of the Business Closure Period, a payment of Five Thousand Dollars ($5,000) per day that the Business Closure is not completed;
(ii) for the period commencing on the thirty-first (31st) day following the end of the Business Closure Period and ending on the sixtieth (60th) day following the end of the Business Closure Period, a payment of Ten Thousand Dollars ($10,000) per day that the Business Closure is not completed;
(iii) for the period commencing on the sixty-first (61st) day following the end of the Business Closure Period and ending on the ninetieth (90th) day following the end of the Business Closure Period, a payment of Fifteen Thousand Dollars ($15,000) per day that the Business Closure is not completed; and
(iv) for the period commencing on the ninety-first (91st) day following the end of the Business Closure Period, a payment of Twenty Thousand Dollars ($20,000) per day that the Business Closure is not completed; All Liquidated Damages Payments shall be made to Buyer, at Buyer’s election, (i) by the Escrow Agent from the Completion Escrow Amount or (ii) by Seller or ROC, in each case on the first day of each calendar month following the accrual of such Liquidated Damages Payments. Without limiting the forgoing, Seller and ROC shall:
(d) Without limiting the foregoing, Seller and ROC shall:
(i) comply with the obligations of Section 7.3 (Governmental Approvals);
(ii) prepare a closure plan for the Hotel/Casino pursuant to Gaming Law, and as required by the Gaming Authorities (the “Business Closure Plan”);
(iii) prepare and deli...
Business Closure. In the event of a closure of the business the Employer agrees to provide employees with termination notice and/or payment in lieu, in the amount of one (1) week for every year of service.
Business Closure. At the start of the assignment, the client should inform Manpower Business Professionals about any business closures or compulsory collective leave days during the term of the assignment, so that Manpower Business Professionals may include these circumstances in its employment contract with the candidate if possible. If an intention to schedule business closure and/or compulsory collective leave days does become known after the assignment has started, the client should inform Manpower Business Professionals immediately. If the client fails to inform Manpower Business Professionals, the client is obliged, for the duration of the business closure, to pay to Manpower Business Professionals the full fees based on the most recent or usual amount of hours and overtime under the assignment and terms and conditions for each period.