Cancellation of Contracts Clause Samples
The Cancellation of Contracts clause outlines the conditions and procedures under which a contract may be terminated before its agreed-upon completion. Typically, this clause specifies the rights and obligations of each party in the event of cancellation, such as required notice periods, potential penalties, or the return of deposits. Its core practical function is to provide a clear framework for ending contractual relationships, thereby reducing uncertainty and minimizing disputes if one party needs to withdraw from the agreement.
Cancellation of Contracts. Borrower shall notify Bank in writing of any cancellation of a contract having annual revenues in excess of $250,000.
Cancellation of Contracts. Any contract may be terminated at any time by mutual consent of the instructor and the College.
Cancellation of Contracts. 14.1 Courses other than Summer Session and Distance and Online courses offered through Extended Education
14.1.1. Where a ▇▇▇▇, Department Head or administrative equivalent cancels a course other than a Summer Session or Distance and Online course offered through Extended Education which an employee has been appointed to teach, the employee affected shall, effective September 1, 2013, be paid a cancellation fee per course as follows:
(a) if the cancellation occurs between eight (8) and twenty-one (21) calendar days before the first scheduled class, a cancellation fee of six percent (6 %) of the minimum stipend rate for the equivalent of three (3) credit hours, rounded to the nearest dollar.
(b) if the cancellation occurs within seven (7) calendar days of the first scheduled class, a cancellation fee of twelve percent (12%) of the minimum stipend rate for the equivalent of three (3) credit hours, rounded to the nearest dollar.
(c) if the cancellation occurs on or after the first scheduled class, a cancellation fee of eighteen percent (18%) of the minimum stipend for the equivalent of three (3) credit hours, rounded to the nearest dollar.
Cancellation of Contracts. Borrower shall promptly inform Lender if any Contracts are canceled and/or materially modified.
Cancellation of Contracts. Copies of any notices to services providers canceling any contracts which are not to be assumed pursuant to the terms of this Agreement.
Cancellation of Contracts. The Quincy Contract and the respective Contracts for Allied Products for the Quincy Territory are hereby cancelled.
Cancellation of Contracts. 15.1 Courses Other than Intersession, Summer Session and Distance Education
15.1.1 Where a ▇▇▇▇, department head or administrative equivalent cancels a course other than an Intersession, Summer Session or Distance Education course which an employee has been appointed to teach, the employee affected shall be paid a cancellation fee per course as follows:
(i) if the cancellation occurs between eight (8) and twenty-one (21) calendar days before the first scheduled class, a cancellation fee of $275.00;
(ii) if the cancellation occurs within seven (7) calendar days of the first scheduled class, cancellation fee of $525.00; and
(iii) if the cancellation occurs on or after the first scheduled class, a cancellation fee of $775.00.
15.1.2 No cancellation fee shall be paid for cancellations more than twenty-one (21) calendar days in advance of the first scheduled class.
Cancellation of Contracts. (New 1992)
Cancellation of Contracts. Seller shall terminate all Contracts which termination shall be effective prior to or upon the Closing.
Cancellation of Contracts. Within ten (10) days after receipt by Purchaser of a list of all Contracts, Purchaser shall provide to Seller in writing a list of any Contracts that Purchaser desires cancelled (the "Cancelled Contracts"). Seller shall, prior to the Closing Date, cancel the Cancelled Contracts, provided, however, Seller shall not be obligated to cancel any Cancelled Contract which provides by its terms that such contract is cancelable upon no more than sixty (60) days' notice by Seller and without payment of a cancellation fee or any other consideration. The "Surviving Contracts" shall mean any Contracts, excluding the Cancelled Contracts. It is understood that the Management Agreement encumbering all of the Assets with Capital Senior Management 2, Inc., dated as of July 29, 1996 will be cancelled by Seller at or prior to Closing.