Cessation of liabilities Sample Clauses
The 'Cessation of liabilities' clause defines the point at which a party's obligations and liabilities under an agreement come to an end. Typically, this clause specifies that once the contract is terminated or expires, neither party will have further liability to the other, except for obligations that are expressly stated to survive termination, such as confidentiality or indemnity provisions. Its core practical function is to provide certainty and finality by clearly delineating when contractual responsibilities conclude, thereby preventing ongoing or unexpected claims after the relationship ends.
Cessation of liabilities. Subject to Clause 10.1 above, no person shall, after ceasing to be the Owner of any Undivided Share, be liable for any debt liability or obligation under the covenants, terms and conditions of this Deed in respect of such Undivided Share and the premises held therewith save and except in respect of any breach, non- observance or non-performance by such person of any such covenant or term and condition prior to his ceasing to be the Owner thereof.
Cessation of liabilities. Subject to Clause 14.1, each Owner shall on ceasing to be the Owner of any Share, cease to be liable for any matter or liabilities under this Deed other than in respect of any breach of this Deed by him prior to his ceasing to be an Owner.