Term Termination Extension Clause Samples
The 'Term; Termination; Extension' clause defines the duration of the agreement, the conditions under which it can be ended, and the process for extending its validity. Typically, it specifies a start and end date for the contract, outlines the rights of either party to terminate early under certain circumstances such as breach or mutual agreement, and describes how the parties may agree to extend the contract beyond its original term. This clause ensures both parties have a clear understanding of how long their obligations last, how they can exit the agreement if necessary, and the procedures for continuing the relationship, thereby reducing uncertainty and managing expectations.
Term Termination Extension. 15.1 This Agreement shall come into force on the date of its signature by both contracting PARTIES and shall have a term of five years. On the date of expiry of the Term, it ends by itself without the need for notice of termination from any PARTIES ; continuation of trade relation between the
15.2 Each contracting PARTY may terminate this Agreement with an immediate effect written notice for material reasons without notice. In particular, may be regarded as urgent reasons, the cases wherein in the other contracting PARTY:
15.2.1 has not obtained or looses the authorization to perform the business activities in accordance with the performance of this Agreement,
15.2.2 suffers serious losses in running its company, is in state of insolvency, is the subject of seizure or lien or forced execution measures of its assets, goods or the account of its company, was adjudicated bankrupt, is liquidated voluntarily or by court, has applied for composition, has made out cheques or bills of exchange without funding, is the subject of protested cheques and bills of exchange
15.2.3 personal, structural or financial problems arise in its company, which cannot be solved in the short run, and the compliance of the essential obligations under this Agreement becomes impossible, acts contrary to the essential stipulations of this Agreement in spite of repeated warnings and notice of default whereof such PARTY was duly informed. Shall be regarded as infringements of essential contractual stipulations in particular the non-observance of the TEMSA service standards and the repeated refusal of Authorised Service to enter into an agreement on the selling purposes with the TEMSA.
15.3 An urgent reason is deemed to exist
15.3.1 if the activities of a director or any offices of Authorised Service threaten to harm the interests of TEMSA.
15.3.2 if Authorised Service infringes its information obligations under this Agreement.
15.4 The termination of this Agreement shall be made by registered letter.
15.5 The foregoing list is not limitative for the cases of urgent reasons which may result in the immediate termination of this Agreement and which are given without prejudice to any of the rights of the PARTIES hereto.
15.6 In addition, this Agreement may be terminated with immediate effect, without notice of termination if:
15.6.1 a competitor of TEMSA, acquires a participating interest in the company of Authorised Service,
15.6.2 the property structure of the Authorised Service is essentia...
Term Termination Extension. 6.1 The term of this Agreement shall commence on this 21 day of June, 2022 and shall continue until December 31st, 2022, unless sooner extended or terminated in accordance with the terms herein;
6.2 Nothing in this Agreement shall prevent, limit, or otherwise interfere with either parties’ right to terminate this Agreement with a fourteen (14) days written notice unless a shorter time shall be agreed to by the Board. The compensation and benefits to which the Interim Town Administrator is entitled, and the services of the Interim Town Administrator to which the Town is entitled, shall continue for the fourteen (14) days following either parties’ notice of termination. The Interim Town Administrator agrees to provide prompt assistance in the hiring of a replacement Interim Town Administrator if so requested by the Board.
Term Termination Extension. (a) The Voting Trust and this Agreement shall continue to be in full force and effect for a period ending on December 31, 2018, unless extended pursuant to Section 10(b) of this Agreement. This Agreement may be terminated at any time by the unanimous vote of all Stockholders and the Voting Trustee, or pursuant to a closing by the Company and WODH, in which the Company has acquired a controlling ownership interest of not less than sixty percent (60%) of WOD Market LLC, a Colorado limited liability company, pursuant to that certain Joint Venture Agreement, dated February 24, 2017, by and between Company and WODH, as set forth in the executed Definitive Agreement and Amendment No. 2 described hereinabove.
(b) Except as it would constitute a violation of the laws of the State of Florida, the term of this Agreement shall automatically be extended at any time for an additional one (1) year period, unless otherwise amended by the unanimous vote of all Stockholders, either by a writing signed by such Stockholders or at a meeting called for such purpose by any Stockholder upon the same notice as is required for a special meeting of the stockholders of the Company, to which end any Stockholder shall have access to the books of the Voting Trustee containing a record of the Stockholders.
(c) Upon termination of the Voting Trust, the Trustee shall promptly send a notice to each Stockholder of such termination substantially in the form of Exhibit C attached hereto, and deliver to each Stockholder the Trust Shares owned by such Stockholder upon presentation and surrender of the applicable Voting Trust Certificate, accompanied, if required by the Voting Trustee, by properly executed transfers thereof to the Voting Trustee, within 30 days of such termination.
Term Termination Extension. The District Governing Board (hereinafter referred to as the Board) hereby employs the Superintendent for the period commencing on July 1, 2024, and ending on June 30, 2027.
1.1 In the event the Board determines the Superintendent is not to be reemployed upon expiration of this Agreement, the Superintendent shall be given written notice thereof in accordance with Education Code section 35031.
1.2 In the event the Superintendent decides not to continue as Superintendent prior to the expiration of this Agreement, the Board shall be given written notice thereof by the Superintendent at least ninety (90) days in advance.
Term Termination Extension. 8.1 This Agreement comes into force on the Effective Date.
8.2 The duration of this agreement is 25 (twenty five) years from the commissioning date of CUPR3.
8.3 The Parties agree in principle that this Agreement may be extended for a further period of time (the “Extended Term”); however, such extension is subject to mutual agreement on the renewal of the Agreement’s terms.
Term Termination Extension. 3.1 This MOU shall commence on the Effective Date and shall terminate automatically after ten (10) years unless extended by the parties.
3.2 In addition to the above, either party may terminate this MOU for any reason upon at least thirteen (13) months advance written notice to the other party.
Term Termination Extension. The term of this Agreement commences March 1, 2002 and shall continue for a period ending February 28, 2005. Unless terminated prior to that date, the term of the Agreement shall automatically be extended for one year and from year to year thereafter, unless either Employer or Employee shall give written notice to the other not less than one hundred eighty (180) days before the end of the term or an extended term that they do not wish to extend the term of the Agreement further. Notwithstanding the foregoing, this Agreement shall terminate upon the earliest to occur of the following:
(a) Employer terminates the Agreement for Cause, upon thirty (30) days prior written notice to Employee. For purposes of this Agreement, "Cause" shall be defined as (i) Conviction or judicial admission by the Employee of any felony criminal act, a crime involving moral turpitude, or a crime of fraud or dishonesty; (ii) acts by Employee constituting gross negligence or willful misconduct to the detriment of the Employer; (iii) Employee's misfeasance, nonfeasance or malfeasance in the performance of his duties; (iv) Employee's failure or refusal to comply with the lawful directions of Employer's Board of Directors or with the policies, standards and regulations of the Employer after notice and failure to cure within thirty (30) days; or (v) Employee's breach of Sections 4, 5, 6, 7, or 9 of this Agreement. In the event that Employee's employment is terminated for Cause, Employer's obligation to pay Employee's salary, fringe benefits or any other element of compensation will immediately cease as of the date of termination of employment, including but not limited to, all payments and benefits listed in Schedule A hereto or any amendment to this Agreement. Employer will have no further obligation to Employee other than as set forth in this subparagraph.
Term Termination Extension