Common use of Closure and Dissolution Clause in Contracts

Closure and Dissolution. In the event that the Charter School is required to cease operation for any reason, including but not limited to closure, non-renewal, revocation, or voluntary surrender of the charter, the Charter School shall cooperate with the Chartering Authority to ensure orderly closure of the Charter School including, but not limited to: - Timely notification of parents and teachers of the closure decision; - Securing student records and transferring them to the LEA in which the Charter School is located; - Assisting in placing students in appropriate schools; - Managing all financial records consistent with the Chartering Authority’s school closure requirements and policies; and - Disposal of school assets in accordance with the Act and this Agreement. The Charter School shall also comply with any closure policies or protocols established by the Chartering Authority. Dissolution of the Charter School following revocation, expiration of this Agreement, dissolution or cessation of operations, or non-renewal shall comply with T.C.A. §§ 49-13-110(c) and 00-00-000. The Charter School shall be responsible for winding down operations, including payment of any and all debts, obligations, or liabilities incurred at any time by the Charter School. Under no circumstances shall the Chartering Authority be responsible for such obligations. Charter School personnel and the Board of Directors shall cooperate fully with any activity related to school closure or phase out. If assets of the Charter School were funded with funds from the Chartering Authority, other than funds described in Sections 9.1 and 9.2, and such assets remain after paying the Charter School’s debts and obligations and not requiring return or transfer to donors or grantors, such assets will become the property of the Chartering Authority.

Closure and Dissolution. In the event that the Charter School is required to cease operation for any reason, including but not limited to closure, non-renewal, revocation, or voluntary surrender of the charter, the Charter School shall cooperate with the Chartering Authority Authorizer to ensure orderly closure of the Charter School including, but not limited to: - • Timely notification of parents and teachers of the closure decision; - • Securing student records and transferring them to the LEA in which the Charter School is located; - • Assisting in placing students in appropriate schools; - • Managing all financial records consistent with the Chartering AuthorityAuthorizer’s school closure requirements and policies; and - • Disposal of school assets in accordance with the Act and this Agreement. The Charter School shall also comply with any closure policies or protocols established by the Chartering AuthorityAuthorizer. Dissolution of the Charter School following revocation, expiration of this Agreement, dissolution or cessation of operations, or non-renewal shall comply with T.C.A. §§ 49-13-110(c) and 00-00-000. The Charter School shall be responsible for winding down operations, including payment of any and all debts, obligations, or liabilities incurred at any time by the Charter School. Under no circumstances shall the Chartering Authority Authorizer be responsible for such obligations. Charter School personnel and the Board of Directors shall cooperate fully with any activity related to school closure or phase out. If assets of the Charter School were funded with funds from the Chartering AuthorityAuthorizer, other than funds described in Sections 9.1 and 9.2, and such assets remain after paying the Charter School’s debts and obligations and not requiring return or transfer to donors or grantors, such assets will become the property of the Chartering AuthorityAuthorizer.