Changes Reductions and Terminations Sample Clauses
The "CHANGES, REDUCTIONS AND TERMINATIONS" clause defines the rights and procedures for modifying, scaling back, or ending an agreement or specific obligations under it. Typically, this clause outlines how either party may request changes to the scope of work, reduce the level of services or deliverables, or terminate the contract altogether, often specifying notice requirements and any associated costs or penalties. Its core function is to provide a structured and predictable process for adapting the contract to changing circumstances, thereby managing risk and ensuring both parties understand their options if project needs or priorities shift.
Changes Reductions and Terminations. A. Replacement or Change If there is a contractual change or non-contractual replacement of the insurance reinsured under this Agreement where full underwriting evidence according to the Ceding Company's regular underwriting rules is not required, the insurance may continue to be reinsured with the Reinsurer provided it meets the minimum reinsurance cession amount stated in Schedule A. If a non-contractual change is requested on a facultatively reinsured policy, the Reinsurer must consent to the change.
Changes Reductions and Terminations