TERMINATION, SET-OFF Clause Samples
The 'Termination; Set-Off' clause defines the conditions under which a contract may be ended by one or both parties and establishes the right to offset mutual debts. In practice, this clause typically outlines specific events or breaches that allow for early termination, and it permits a party to deduct amounts owed to them from amounts they owe to the other party, such as when outstanding payments or damages are involved. Its core function is to provide a clear mechanism for ending the contractual relationship and to streamline the settlement of financial obligations between the parties, thereby reducing the risk of unresolved debts or disputes upon termination.
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TERMINATION, SET-OFF. 4.1. Either Party will have the right to terminate this Agreement with immediate effect by way of sending the other Party a written notice and without any obligation to specify the reason of the termination. Irrespective of such notice, any Transaction then outstanding shall continue to be subject to the provisions of the Agreement and to that extent the effect of the termination shall occur only when all obligations in relation to the last such Transaction shall have been performed, but such termination will not influence the effect of any orders accepted before the termination of this Agreement.
4.2. The occurrence of any of the following events in respect of a Party shall constitute an event of default (Event of Default) with respect to it:
TERMINATION, SET-OFF