Common use of Termination Management Clause in Contracts

Termination Management. Immediately upon receipt by either the Owner and PSFA or the Contractor of notice of termination of this Agreement, the Contractor shall: 1) not incur any further obligations for salaries, services or any other expenditure of funds under this Agreement without written approval of the Owner and PSFA; 2) comply with all directives issued by the Owner and PSFA in the notice of termination as to the performance of work under this Agreement; and 3) take such action as the Owner and PSFA shall direct for the protection, preservation, retention or transfer of all property titled to the Owner and [client records generated under this Agreement] and any non-expendable personal property or equipment purchased by the Contractor with contract funds shall become property of the Owner upon termination. On the date the notice of termination is received, the Contractor shall furnish to the Owner and PSFA a complete, detailed inventory of non-expendable personal property purchased with funds provided under the existing and previous Owner agreements with the Contractor, if applicable; the property listed in the inventory report including client records and a final closing of the financial records and books of accounts which were required to be kept by the Contractor under the paragraph of this Agreement regarding financial records.