Rights on Termination Clause Samples
The 'Rights on Termination' clause defines the entitlements and obligations of each party when a contract is ended before its natural expiration. Typically, this clause outlines what happens to outstanding payments, the return or destruction of confidential information, and the handling of any ongoing obligations or liabilities that survive termination. By clearly specifying these post-termination rights and responsibilities, the clause helps prevent disputes and ensures a smooth transition when the contractual relationship ends.
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Rights on Termination. (a) If during the Service Term Executive’s employment is terminated under Section 5 above (x) by the Company without Cause or (y) by Executive with Good Reason, then:
(i) The Company shall pay to Executive, at the times specified in Section 6(a)(vii) below, the following amounts (the “Severance Payments”):
(1) the Accrued Obligation;
(2) Executive’s Annual Base Salary through the effective date of the termination of Executive’s employment (the “Termination Date”) for periods following his Separation From Service, to the extent not theretofore paid;
(3) a lump sum in cash equal to the product of (x) 1/12 of the amount of the Annual Base Salary in effect immediately prior to the Termination Date and (y) 12; and
(4) a lump sum in cash equal to the product of (x) the monthly basic life insurance premium applicable to Executive’s basic life insurance coverage immediately prior to the Termination Date and (y) 12. Executive may, at his option, convert his basic life insurance coverage to an individual policy after the Termination Date by completing the forms required by the Company for this purpose.
(ii) The Company will pay, when due and payable under the Annual Bonus plan, the pro rata portion, if any, of Executive’s Annual Bonus earned up until such Termination Date.
(iii) Subject to clause (iv), for 12 months following the Termination Date the Company shall arrange to provide Executive and his dependents medical insurance benefits substantially similar to those provided to Executive and his dependents immediately prior to the Termination Date (at no greater cost to Executive than such cost to Executive in effect immediately prior to the Termination Date, or, if greater, the cost to similarly situated active employees of the Company under the applicable group health plan of the Company). Except for any reimbursements under the applicable group health plan that are subject to a limitation on reimbursements during a specified period, the amount of expenses eligible for reimbursement under this Section 6(a)(iii), or in-kind benefits provided, during Executive’s taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year of Executive. Executive’s right to reimbursement or in-kind benefits pursuant to this Section 6(a)(iii) shall not be subject to liquidation or exchange for another benefit. To the extent that the payments or reimbursements made pursuant to this Section 6(a)(iii) are taxable t...
Rights on Termination. Any termination of this Agreement will not relieve Licensee of its obligations to pay any monies due or owing at the time of such termination and will not relieve any obligations, of either to the other Party, established prior to termination.
Rights on Termination. Any termination by the Agents pursuant to subsection 13(a) hereof shall be effected by notice in writing delivered by the Agents to the Corporation at the address thereof as set out in section 17 hereof. The right of the Agents to so terminate the obligations thereof under this Agreement is in addition to such other remedies as the Agents may have in respect of any default, act or failure to act of the Corporation in respect of any of the matters contemplated by this Agreement. In the event of a termination by the Agents pursuant to subsection 13(a) hereof there shall be no further liability on the part of the Agents to the Corporation or of the Corporation to the Agents except any liability which may have arisen or may thereafter arise under either section 14 or 15 hereof.
Rights on Termination. The termination of this Agreement does not affect the rights, duties and liabilities of any party accrued prior to such termination. The Clauses of this Agreement which expressly or impliedly have effect after termination will continue to be enforceable notwithstanding termination.
Rights on Termination. The termination of the rights of an indemnified party to receive indemnity under this Agreement shall not affect that Person's right to prosecute to conclusion any claim made by that Person prior to the time that the relevant right of indemnity terminates.
Rights on Termination. (a) In the event that this Agreement is terminated pursuant to Section 5.2 due to a material breach by Licensor, (i) the rights and licenses granted to Licensee in Section 2.1 hereof shall remain in effect, subject to Licensee's payment of []* of the royalties and []* of the milestone payments that that would otherwise accrue after such termination, (ii) the rights and licenses granted to Licensor in Section 4.3 shall terminate, (iii) subject to Article 7 hereof, any Confidential Information provided to Licensor in tangible form shall be promptly returned to Licensee or destroyed, at Licensee's option and (iv) Licensee shall have the rights set forth in Section 8.3 in respect of such breach.
(b) In the event that this Agreement is terminated pursuant to Section 5.2 due to a material breach by Licensee, (i) all licenses granted hereunder, except the license granted to Licensor pursuant to Section 4.3(b), shall terminate, (ii) the license granted to Licensor pursuant to Section 4.3(b) shall be []* (iii) subject to Article 7 hereof, any Confidential Information and Licensed Know-How provided to Licensee in tangible form shall be promptly returned to Licensor or destroyed, at Licensor's option, and (iv) Licensor shall have the rights set forth in Section 8.3 in respect of such breach.
(c) In the event that this Agreement is terminated pursuant to Section 5.3 at Licensee's option, (i) all licenses granted hereunder, except the license granted to Licensor pursuant to Section 4.3(b), shall terminate, (ii) the license granted to Licensor pursuant to Section 4.3(b) shall be []* (iii) subject to Article 7 hereof, any Confidential Information and Licensed Know-How provided to Licensee in tangible form shall be promptly returned to Licensor or destroyed, at Licensor's option, and (iv) Licensor and Licensee shall negotiate in good faith a percentage royalty to be paid by Licensor to Licensee, based upon the commercialization of Licensed Products subsequently undertaken by Licensor, that compensates Licensee for Licensor's exploitation of Intellectual Property developed during the course of a Research and Development Program using Licensee's funding at a level commensurate with the level of royalties Licensor pays to Third Parties in arm's-length transactions for licenses of intellectual property with similar commercial value.
(d) In the event that a Research and Development Program is terminated by Licensee prior to the completion of its term for any reason, Licensee s...
Rights on Termination. Upon termination of this Agreement:
7.1 All of the Licensees's rights with respect to the Game, in its original and/or localized form and any part thereof, the game engine, the Client Software, the Server Software, the tools, and the codes will automatically and immediately terminate, and The Licensees shall immediately cease to use the Game in its original and/or localized form and any part thereof, the game engine, the Client Software, the Server Software, the tools, and the codes, and shall destroy or return (at Shengqu's option) any materials representing the same to Shengqu, along with a written confirmation of destruction or return, signed by an officer of The Licensees.
7.2 Any termination of this Agreement shall not affect any rights and obligations accrued as of the date of the termination. For the avoidance of doubt, any monthly royalty payment accrued prior to the termination shall be payable notwithstanding the termination and the payment shall be governed to the same extent by the terms of monthly royalty payment under this Agreement.
Rights on Termination. Expiration or termination of this Agreement for any reason shall be without prejudice to (i) either party’s rights under this Agreement with respect to claims arising out of events occurring prior to such expiration or termination; (ii) Corium’s right to receive all payments owed or accrued under this Agreement for periods prior to the date of expiration or termination; and (iii) any other remedies which either party may otherwise have.
Rights on Termination. Accrued rights, Clauses 5, 6, 7, 8, 9, 10, 11, 12, 15 and 18 and rights by their nature intended to survive termination of this Agreement, shall survive any termination of this Agreement.
Rights on Termination. Any termination of this Agreement is:
(a) without prejudice to any other rights or remedies the Party terminating may have; and
(b) without prejudice to any other rights or remedies accrued before the date of termination.