Closeout Date Clause Samples
The Closeout Date clause defines the specific date on which all outstanding obligations between parties under an agreement are settled or terminated. In practice, this clause is triggered when a contract is ended early, such as after a default or other termination event, and it establishes the point in time when the values of all open transactions are calculated and finalized. Its core function is to provide a clear and unambiguous reference point for closing out positions, ensuring both parties know exactly when their rights and obligations are determined, thereby reducing uncertainty and potential disputes.
Closeout Date. Notwithstanding any other provision of this Agreement, in the event that the Resort is unable to honour its allocations due to incentive, group booking or high demand, the Resort shall email/fax the International wholesalers or the local travel agent, advising the International wholesalers that in respect of a specific period of time, all bookings made after the announcement of the close out dates shall be on request basis only.
Closeout Date. The closeout date for this Project shall be the date on which the following have occurred:
a) All eligible costs under the Agreement have been paid by the TOPC pursuant to this Agreement;
b) The Work to be performed and paid with Entity funds under the Agreement has been completed;
c) Other responsibilities of the Entities under the Agreement and applicable laws and regulations appear to have been carried out satisfactorily or there is no further interest in keeping the Agreement open for the purpose of securing performance, and
d) Audit Requirements set forth to the Entities’ satisfaction have been met.
Closeout Date. The date on the “Closeout Notice” issued by City to Owner pursuant to the Subrecipient Agreement.