Forfeiture of Contract. The Program may Terminate the Contract if there is no activity on the Contract in the 6 years after the Beneficiary graduates from High School and no notification of intended usage or request for extension to the term of the Contract has been received by the Program. Written notification of the forfeiture of Contract will be sent by the Program to the Purchaser, Beneficiary, and any Purchaser’s Legal Successor. Parties will have 60 days to respond from the date of the mailing. Failure to respond within the time given will result in the rights to distribution of Contract Benefits being forfeited and the Contract Terminated. The balance of payments made, minus any Program Fees will be refunded to the Purchaser.
Appears in 5 contracts
Samples: 2023 Master Agreement, Master Agreement, 2019 Master Agreement
