Compensation on and Effect of Termination Sample Clauses

The "Compensation on, and Effect of, Termination" clause defines the financial and legal consequences that arise when an agreement is ended before its natural expiration. It typically outlines what payments or settlements are due to either party upon termination, such as outstanding fees, accrued obligations, or penalties, and may specify the return of property or confidential information. This clause ensures that both parties understand their rights and responsibilities if the contract is terminated, thereby reducing disputes and providing a clear framework for winding down the relationship.
Compensation on and Effect of Termination 
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Related to Compensation on and Effect of Termination

  • Effect of Termination of Agreement Upon the Termination Date or the Expiration Date, as applicable, any amounts then owing by a Party to the other Party shall become immediately due and payable and the then future obligations of Customer and Provider under this Agreement shall be terminated (other than the indemnity obligations set forth in Section 13). Such termination shall not relieve either Party from obligations accrued prior to the effective date of termination or expiration.