CONTRACT RELEASES AND TERMINATION; CANCELLATION AND TERMINATION FEES Sample Clauses

This clause defines the conditions under which either party may end or cancel the contract, as well as any associated fees or penalties for doing so. It typically outlines the procedures for providing notice of termination, specifies the circumstances that justify cancellation (such as breach or mutual agreement), and details any financial obligations like cancellation or termination fees that may be incurred. The core function of this clause is to provide a clear framework for ending the contractual relationship, ensuring both parties understand their rights, responsibilities, and potential costs if the contract is released or terminated early.
CONTRACT RELEASES AND TERMINATION; CANCELLATION AND TERMINATION FEES. 1. Your Housing Contract is binding until the end of your twelve-month contract period. You are not entitled to a release from your Housing Contract because you have been reassigned to another room/apartment, because you are inconvenienced by construction, renovation, maintenance, or for any other reason except as expressly provided below. 2. If you fail to occupy your room/apartment or if you vacate your room/apartment during the contract period without a contract release, you will continue to be liable for the full amount of your housing charges. 3. Contract releases: a. You will be released from your Housing Contract without a cancellation penalty if: 1) You are leaving the University for an academic internship, graduation, or study in absentia, and have paid at least five months rent in the current year; or 2) You are granted a medical withdrawal or are required to take medical or academic leave, and have paid at least five months rent in the current year. b. The Housing & Dining Contracts Office may require written verification of (i) or (ii) from your advisor, college, or physician. c. You will be released from your Housing Contract with a cancellation penalty of $800 if you withdraw or take a voluntary leave of absence from the University, and/or if you have not paid a minimum of five months rent in the current year. If you re-enroll during the same academic year, you will be required to sign a new Housing Contract. d. Contract releases for any other reason than those listed in a, b, c, and d above may be granted, but only under exceptional circumstances. Contract releases due to exceptional circumstances will be determined by, and are at the sole discretion of the Housing & Dining Contracts Office. All approved contract releases due to exceptional circumstances will result in a cancellation fee of $250. e. If you obtain a contract release, you will need to sign a Vacate Form (available at the Housing & Dining Contracts Office), then vacate your room and turn in your keys to your Service Center/House Office on the date indicated on the Vacate Form. f. You will receive a prorated refund of any prepaid housing fees, less any applicable fees or charges.
View SourceView Similar (8)

Related to CONTRACT RELEASES AND TERMINATION; CANCELLATION AND TERMINATION FEES

  • Termination and Termination Pay Subject to Section 12 of this Agreement, Executive’s employment under this Agreement may be terminated in the following circumstances:

  • Cancellation and Termination a) The exhibitor shall have the right to cancel this license agreement or downsize by notice in writing to be delivered to MPE. All deposits/payments received by MPE up to the date of notice of cancellation or downsize are non-refundable and non-transferable and the balance of the full cost of the space is due immediately. In the event that the Exhibitor (i) fails to make payments in accordance with the payment schedule setout herein or (ii) fails to appear at the show; MPE reserves the right to cancel this license agreement without notice and all rights of the Exhibitor hereunder shall cease and terminate. MPE will retain any and all deposits/payment(s) made by the Exhibitor as liquidated damages (and not as a penalty) for breach of this license agreement and all payments will be due per the terms of the contract. In the event of either of the above circumstances, MPE has the right to (i) re-rent said space and (ii) bring action against the Exhibitor for payment of the full cost of the space originally licensed from MPE. b) If the Exhibitor violates or breaches any other terms or conditions of this license agreement, all payments made by the Exhibitor and all amounts due to MPE shall be deemed earned by MPE and all deposits received shall be non-refundable and non-transferable. In the event of any violation or breach of the terms and conditions of this license agreement, MPE shall have the right to immediately occupy the space of the violating and/or breaching Exhibitor and utilize it in any manner as MPE deems appropriate, including, but not limited to, re-licensing its use to another exhibitor. The Exhibitor shall not be entitled to any offset or mitigation of the amount due under this license agreement as a result of the use of or payment for the space by another exhibitor in the Show. c) Each covenant by the Exhibitor contained herein is material and of the essence of this license agreement and violation of any term or condition hereof by the Exhibitor shall be a default of the entire agreement entitling MPE to immediately and without notice revoke the privileges granted to the Exhibitor and take possession of the space of the defaulting Exhibitor. Any such revocation of the license granted herein shall be without prejudice to MPE to make any claim for damages or enforcement of the payment of any amounts due pursuant to the terms hereof.

  • EFFECTIVE DATE, DURATION AND TERMINATION OF AGREEMENT a. The effective date of this Agreement with respect to each Fund shall be the date set forth on Exhibit A hereto. b. Unless sooner terminated as hereinafter provided, this Agreement shall continue in effect with respect to each Fund for a period of two years from the date of its execution, and thereafter shall continue in effect only so long as such continuance is specifically approved at least annually by (i) the Board of Directors of the Company or by the vote of a majority of the outstanding voting securities of the applicable Fund, and (ii) by the vote of a majority of the directors of the Company who are not parties to this Agreement or "interested persons," as defined in the 1940 Act, of Adviser or of the Company cast in person at a meeting called for the purpose of voting on such approval. c. This Agreement may be terminated with respect to any Fund at any time, without the payment of any penalty, by the Board of Directors of the Company or by the vote of a majority of the outstanding voting securities of such Fund, or by Adviser, upon 60 days' written notice to the other party. d. This agreement shall terminate automatically in the event of its "assignment" (as defined in the 1940 Act). e. No amendment to this Agreement shall be effective with respect to any Fund until approved by the vote of: (i) a majority of the directors of the Company who are not parties to this Agreement or "interested persons" (as defined in the ▇▇▇▇ ▇▇▇) of Adviser or of the Company cast in person at a meeting called for the purpose of voting on such approval; and (ii) a majority of the outstanding voting securities of the applicable Fund. f. Wherever referred to in this Agreement, the vote or approval of the holders of a majority of the outstanding voting securities or shares of a Fund shall mean the lesser of (i) the vote of 67% or more of the voting securities of such Fund present at a regular or special meeting of shareholders duly called, if more than 50% of the Fund's outstanding voting securities are present or represented by proxy, or (ii) the vote of more than 50% of the outstanding voting securities of such Fund.

  • Termination and Termination Benefits Notwithstanding the provisions of Section 3, the Executive's employment under this Agreement shall terminate under the following circumstances set forth in this Section 6.

  • Modification and Termination No agreement to modify, amend, extend, supersede, terminate, or discharge this Settlement Agreement, or any portion thereof, is valid or enforceable unless it is in writing and signed by all Parties to this Settlement Agreement.