DEATH AND INHERITANCE Clause Samples

The 'Death and Inheritance' clause outlines what happens to a party's rights and obligations under the agreement if that party dies. Typically, it specifies whether the deceased party's interests transfer to their heirs or estate, and may detail any required notifications or documentation. This clause ensures continuity or proper termination of the agreement, providing clarity and preventing disputes over succession or ongoing responsibilities.
DEATH AND INHERITANCE. 6.1 Upon the demise of a Distributor, the deceased’s independent business may be transferred to the deceased Distributor’s beneficiary subject to the relevant laws of Malaysia. 6.2 For independent business owned jointly, such as a husband and wife, upon the death one spouse, all the rights, titles, interests and benefits under their joint independent business shall be vested in the surviving spouse, unless otherwise stipulated in a Will. 6.3 In cases where a Distributor disposes of an Independent Business in a Will, the Company will recognize the terms of the transfer, provided the beneficiary is a Distributor who is in compliance with the Rules.
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DEATH AND INHERITANCE. 5.1 Upon the demise an DOD, the deceased's independent business may be transferred to the deceased DOD’s beneficiary subject to relevant laws of Malaysia (or country concerned). 5.2 In cases where an DOD disposes of an independent business in a Will, the Company will recognize the terms of the transfer, provided the beneficiary is an DOD who is compliance with the Rules. 5.3 DOD account cannot be transferred to other person if there is not beneficiary record in the system 5.4 DOD account transfer to beneficiary can be performed one (1) time only.
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DEATH AND INHERITANCE. In the case of an Ambassador’s death, the Contract will be assigned to the legal successor to the Ambassadorship (who can properly qualify according to the Contract) in accordance with applicable laws. The Company requires certified copies of the death certificate (or a doctor’s statement) and a certified will, court order, or other appropriate legal documentation. Successors in interest must submit an amended Ambassador Agreement. Upon notice of demise, the Company reserves the right to make payments to the estate of the deceased Ambassador. If the legal successor wishes to terminate the account, a written, signed statement of request to terminate must be submitted along with appropriate legal proof of death. If the legal successor to the Ambassadorship is already an existing Ambassador, the Contract will be assigned to the existing Ambassador and the Company will allow the multiple Beneficial Interest through inheritance; provided, however, that the existing Ambassador does not already own another Ambassadorship through inheritance. If the existing Ambassador already owns another Ambassadorship through inheritance, the Company will allow the multiple Beneficial Interest through inheritance for up to six (6) months, by which time the existing Ambassador must have sold or otherwise transferred the existing or one of the inherited Ambassadorships.
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DEATH AND INHERITANCE. 5.1 Upon the demise an HBD, the deceased's independent business may be transferred to the deceased HBD's beneficiary subject to relevant laws of Malaysia (or country concerned). 5.2 In cases where an HBD disposes of ạn independent business in a Will, the Company will recognize the terms of the transfer, provided the beneficiary is an HBD who is compliance with the Rules.
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Related to DEATH AND INHERITANCE

  • Death The Executive’s employment hereunder shall terminate upon his death.

  • Death, Disability or Retirement Subject to the provisions of Section 1 hereof, this Agreement shall terminate automatically upon the Executive's death, termination due to "Disability" (as defined below) or voluntary retirement under any of the Company's retirement plans as in effect from time to time. For purposes of this Agreement, Disability shall mean the Executive has met the conditions to qualify for long-term disability benefits under the Company's policies, as in effect immediately prior to the Effective Date.

  • Death and Disability (a) The Employment Term shall terminate on the date of Employee’s death, in which event the Company shall, within 30 days of the date of death, pay to his estate, Employee’s Base Salary, any unpaid bonus awards (including any bonus award for a plan year that has ended prior to the time employment terminated where the award was scheduled to be paid after the date employment terminated), reimbursable expenses and benefits owing to Employee through the date of Employee’s death together with any benefits payable under any life insurance program in which Employee is a participant. Except as otherwise contemplated by this Agreement, Employee’s estate will not be entitled to any other compensation upon termination of this Agreement pursuant to this subparagraph 8(a). (b) The Employment Term shall terminate upon Employee’s Disability. For purposes of this Agreement, “Disability” shall mean that Employee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. For purposes of determining Employee’s Disability, the CEO may rely on a determination by the Social Security Administration that Employee is totally disabled or a determination by the Company’s disability insurance carrier that Employee has satisfied the above definition of Disability. In case of such termination, Employee shall be entitled to receive his Base Salary, any unpaid bonus awards (including any bonus award for a plan year that has ended prior to the time employment terminated where the award was scheduled to be paid after the date employment terminated), reimbursable expenses and benefits owing to Employee through the date of termination within 30 days of the date of the Company’s determination of Employee’s Disability, together with any benefits payable under any disability insurance program in which Employee is a participant. Except as otherwise contemplated by this Agreement, Employee will not be entitled to any other compensation upon termination of his employment pursuant to this subparagraph 8(b).

  • Termination Due to Death, Disability or Retirement In the event the Optionee’s employment with the Company and all Subsidiaries is terminated by reason of death, Disability or Retirement, this Option will remain exercisable, to the extent exercisable as of the date of such termination, for a period of one year after such termination (but in no event after the Time of Termination).

  • For death and disability The Company may also terminate the Employment, at any time, without notice or remuneration (unless notice or remuneration is specifically required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if: (1) the Executive has died, or (2) the Executive has a disability which shall mean a physical or mental impairment which, as reasonably determined by the Board, renders the Executive unable to perform the essential functions of his employment with the Company, with or without reasonable accommodation, for more than 120 days in any 12-month period, unless a longer period is required by applicable law, in which case that longer period would apply. Upon termination for death or disability, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Executive’s right to all other benefits will terminate, except as required by any applicable law.