Damages in the Event of Termination Sample Clauses

The "Damages in the Event of Termination" clause defines the financial consequences and compensation owed if the contract is ended before its agreed completion. Typically, this clause outlines what types of damages or payments one party must make to the other, such as reimbursement for work performed, lost profits, or costs incurred due to early termination. Its core function is to allocate risk and provide clarity on financial responsibilities, helping both parties understand their potential liabilities and reducing disputes if the contract is terminated prematurely.
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Damages in the Event of Termination. Tenant acknowledges that the damages Landlord would incur in connection with terminating this Lease following a default by Tenant would be difficult to estimate or ascertain. In the event Landlord elects to terminate this Lease, Landlord may, in addition to other remedies available at law or in equity, recover from Tenant, as liquidated damages, an amount equal to the sum of the following: (1) all unpaid Rent that is payable by Tenant hereunder and that accrues as of the effective date of termination; plus (2) a sum of money equal to the entire amount of Rent that would be payable under the Lease for the lesser of the following two periods, which amount shall be immediately due and payable upon demand but which shall be discounted to present value using a discount rate equal to the discount rate of the Federal Reserve Bank of Minneapolis as of the date of termination plus one percent (1%): (A) the one year period commencing upon the effective date of termination, or (B) the period commencing upon the effective date of termination and ending upon the original date of the expiration of the Term. For purposes of calculating the amount of Rent that would be payable under this Lease for the period succeeding the effective date of termination, such Rent shall be computed on the basis of the average monthly amount of Rent accruing during the 24 month period immediately preceding the default to which such termination relates (exclusive of any months in which Tenant received "free" or abated rent concessions); provided, however, if the default occurs prior to the expiration of the first 24 months of this Lease, then the Rent shall be computed on the basis of the average monthly amount of Rent accruing during all months preceding the month in which said default occurred (exclusive of any months in which Tenant received "free" or abated rent concessions). Landlord's failure to relet the Premises shall not affect Tenant's liability. The terms "enter," "entry," "re-enter," and "re-entry" are not limited to their technical meanings.
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Damages in the Event of Termination. In the event of any termination of this Lease under the provisions of Subsection 17.1 hereof or if Landlord shall re-enter the demised premises under the provisions of Subsection 17.2 hereof or in the event of the termination of this Lease (or of re-entry) by or under any summary process or other proceeding or action or any provision of law, Tenant will pay to Landlord as liquidated current damages sums equal to the aggregate of the minimum monthly rent and the additional rent which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the then current term; provided, however, that if Landlord shall re-let the demised premises during said period, Landlord shall credit Tenant with the net rents received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses incurred or paid by Landlord in terminating this Lease or of re-entering the demised premises and of securing possession thereof, as well as the expenses of re-letting, including brokers' commissions and all other expenses properly chargeable in connection with such re-letting. ------------------------------------------------------------------------------------------------------------------------
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Damages in the Event of Termination. Upon termination of this Lease, Landlord, at its option, may elect to receive as damages the sum of: (1) the amount of the unpaid Rent owed by Tenant under this Lease as of the date of termination; (2) the Worth of the unpaid Rent that would have been owed by Tenant under the Lease for the balance of the Lease Term after the date of termination minus the Worth of the then-present fair rental value of the Premises for the balance of the Lease Term after termination; and (3) all reasonable costs directly or indirectly incurred by Landlord relating to Tenant’s default and Landlord’s repossession of the Premises, including, but not limited to: reasonable attorneys’ fees and legal costs; collection costs; interest at the Default Rate of Interest; repairs necessary to put the Premises in the condition required hereunder; the unamortized balance of any Tenant Allowance paid to Tenant and the brokerage commissions incurred by Landlord related to the execution of this Lease prorated on a straight line basis plus interest at the Default Rate of Interest over the Term; and the unamortized portion of any abated/credited Rent prorated on a straight line basis over the Term plus interest at the Default Rate of Interest. Landlord shall be entitled to recover damages under this subsection in addition to the damages collected in the event of reentry to the extent such damages do not duplicate Landlord’s recovery, and all such recoveries shall be subject to the limitation of damages set forth herein. Tenant’s obligations under this subsection shall survive the expiration or earlier termination of this Lease. Landlord shall have no affirmative obligation to mitigate its damages in the event of any default by Tenant.
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Damages in the Event of Termination. In the event this Agreement is terminated pursuant to Section 10(a) hereof, each of the Target and the Buyer agrees that it will seek damages only from the other for any Adverse Consequences to it caused by the other's (or, in the case of Adverse Consequences to the Buyer, any of the Stockholders') breach prior to such termination of any of the other's (or, in the case of Adverse Consequences to the Buyer, any of the Stockholders') representations, warranties or covenants contained herein.
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Related to Damages in the Event of Termination

  • Compensation in the Event of Termination In the event that the Executive’s employment hereunder terminates prior to the expiration of this Agreement for any reason provided in Section 5 hereof, the Company shall pay the Executive, compensation and provide the Executive and the Executive’s eligible dependents with benefits as follows:

  • In the Event of Termination After receipt of a notice of termination, except as otherwise directed, the AGENCY shall: a. Remit to the COUNTY, within fourteen (14) calendar days, any advanced funds paid, prorated as of the date of termination. b. Stop working under this Contract on the date of receipt and to the extent specified in the notice of termination. c. Place no further orders or subcontracts to the extent that they relate to the performance of the work, which was terminated. d. Terminate all orders and subcontracts to the extent that they relate to the performance of the work, which was terminated. e. Handle all property as directed by the COUNTY. f. Finalize all necessary up to date reports and documents required under the terms of this Agreement up to the date of termination, up to and including the final expenditure report due at the end of the Contract, if any, without reimbursement beyond that due as of the date of termination for services rendered to the termination date. g. Take any other actions as directed in writing by the COUNTY.

  • Duties in the Event of Termination In the event that, in connection with termination, a successor to any of USBFS’s duties or responsibilities hereunder is designated by the Trust by written notice to USBFS, USBFS will promptly, upon such termination and at the expense of the Trust, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by USBFS under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which USBFS has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from USBFS’s personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Trust.

  • LIABILITIES IN EVENT OF TERMINATION Except as provided in Section 7.8 hereof, the termination of this Agreement will in no way limit any obligation or liability of any party based on or arising from a breach or default by such party with respect to any of its representations, warranties, covenants or agreements contained in this Agreement including, but not limited to, legal and audit costs and out of pocket expenses.

  • Event of Termination As soon as reasonably practicable and in any event within two (2) Business Days after any Responsible Officer of the Borrower obtains knowledge of the occurrence of each Event of Termination or Incipient Event of Termination (if such Incipient Event of Termination is continuing on the date of such notice), the statement of a Responsible Officer of the Borrower setting forth the details of such Event of Termination or Incipient Event of Termination and the action which the Borrower is taking or proposes to take with respect thereto.