Term Dissolution and Liquidation of Company Clause Samples

The 'Term, Dissolution and Liquidation of Company' clause defines the duration of the company's existence and outlines the procedures for ending its operations and distributing its assets. It typically specifies the events or conditions that can trigger dissolution, such as the expiration of a set term, a vote by members, or the occurrence of certain legal or financial events. The clause also details the steps for liquidating company assets, settling debts, and distributing any remaining proceeds to stakeholders. Its core function is to provide a clear, orderly process for winding up the company's affairs, thereby minimizing disputes and ensuring compliance with legal requirements.