Cancellation of Contracts Clause Samples
The Cancellation of Contracts clause outlines the conditions and procedures under which a contract may be terminated before its agreed-upon completion. Typically, this clause specifies the rights and obligations of each party in the event of cancellation, such as required notice periods, potential penalties, or the return of deposits. Its core practical function is to provide a clear framework for ending contractual relationships, thereby reducing uncertainty and minimizing disputes if one party needs to withdraw from the agreement.
Cancellation of Contracts. Borrower shall notify Bank in writing of any cancellation of a contract having annual revenues in excess of $250,000.
Cancellation of Contracts. Any contract may be terminated at any time by mutual consent of the instructor and the College.
Cancellation of Contracts. 14.1 Courses other than Summer Session and Distance and Online courses offered through Extended Education
14.1.1. Where a ▇▇▇▇, Department Head or administrative equivalent cancels a course other than a Summer Session or Distance and Online course offered through Extended Education which an employee has been appointed to teach, the employee affected shall, effective September 1, 2013, be paid a cancellation fee per course as follows:
(a) if the cancellation occurs between eight (8) and twenty-one (21) calendar days before the first scheduled class, a cancellation fee of six percent (6 %) of the minimum stipend rate for the equivalent of three (3) credit hours, rounded to the nearest dollar.
(b) if the cancellation occurs within seven (7) calendar days of the first scheduled class, a cancellation fee of twelve percent (12%) of the minimum stipend rate for the equivalent of three (3) credit hours, rounded to the nearest dollar.
(c) if the cancellation occurs on or after the first scheduled class, a cancellation fee of eighteen percent (18%) of the minimum stipend for the equivalent of three (3) credit hours, rounded to the nearest dollar.
Cancellation of Contracts. Borrower shall promptly inform Lender if any Contracts are canceled and/or materially modified.
Cancellation of Contracts. Copies of any notices to services providers canceling any contracts which are not to be assumed pursuant to the terms of this Agreement.
Cancellation of Contracts. 15.1 Courses Other than Intersession, Summer Session and Distance Education
15.1.1 Where a ▇▇▇▇, department head or administrative equivalent cancels a course other than an Intersession, Summer Session or Distance Education course which an employee has been appointed to teach, the employee affected shall be paid a cancellation fee per course as follows:
(i) if the cancellation occurs between eight (8) and twenty-one (21) calendar days before the first scheduled class, a cancellation fee of $275.00;
(ii) if the cancellation occurs within seven (7) calendar days of the first scheduled class, cancellation fee of $525.00; and
(iii) if the cancellation occurs on or after the first scheduled class, a cancellation fee of $775.00.
15.1.2 No cancellation fee shall be paid for cancellations more than twenty-one (21) calendar days in advance of the first scheduled class.
Cancellation of Contracts. (New 1992)
Cancellation of Contracts. The Quincy Contract and the respective Contracts for Allied Products for the Quincy Territory are hereby cancelled.
Cancellation of Contracts. Seller shall terminate all Contracts which termination shall be effective prior to or upon the Closing.
Cancellation of Contracts. The Company and the Executive agree that the rights and obligations of both parties under (i) the Employment Agreement and (ii) the stock option agreements issued to the Executive to purchase the Company's common stock, including the stock option rights assigned by the Executive to Tolson Interests, Ltd., are hereby cancelled, and that neither party ▇▇▇▇▇ have any further rights or claims under such agreements. The Company shall pay or cause to be paid to the Executive, as consideration for the cancellation of the Employment Agreement, a payment of $3,000,000, such amount to be paid to the Executive, or in the event of his death, to his estate, in ten substantially equal annual installments, pursuant to the terms of the Company's 401(k)