Common use of Cancellation and Termination Policy Clause in Contracts

Cancellation and Termination Policy. The Resident and the University agree that University will sustain damage resulting from any cancellation or termination of this Contract, including but not limited to added accounting, administrative, and management expenses and costs, and that it will be impracticable and extremely difficult to specify the actual amount of such damage. The parties agree that the cancellation and termination charges represent fair and reasonable estimates of damages that University will incur by reason of the cancellation or termination of the Contract, and all such charges are accepted as the amount of liquidated damages.