Term of Contract and Termination Clause Samples
The 'Term of Contract and Termination' clause defines the duration for which the contract is valid and outlines the conditions under which either party may end the agreement. Typically, this clause specifies a start and end date for the contract, and may include provisions for renewal or extension. It also details the procedures and grounds for early termination, such as breach of contract, mutual agreement, or other specified events. The core function of this clause is to provide clear expectations regarding the contract's lifespan and to establish a fair process for ending the relationship if necessary, thereby reducing uncertainty and potential disputes.
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Term of Contract and Termination. 10.1 This Frame Capacity Contract shall come into force upon signing by both Parties.
10.2 Any modification and/or amendment to this Frame Capacity Contract shall be notified by the TSO to the System User in due time and by written notice.
10.3 After the expiry of a period of four (4) weeks from the written notice, the modification and/or amendment shall become automatically effective together with the respective capacity products either already booked/assigned or booked/assigned afterwards.
10.4 In case of objection within the abovementioned period by the System User, the Frame Capacity Contract shall remain in force and effect with regard only to the capacity products already contracted and until the expiration of such contracted capacity products.
10.5 Further booking/assignment of capacity products executed by the System User after the 4-week-objection period, shall be automatically subject to the provisions of the modified and/or amended Frame Capacity Contract.
10.6 Both parties have the right to terminate this Frame Capacity Contract as set out in the GTC. In addition, the System User has the right to terminate this Frame Capacity Contract under the condition that no Contracted Capacity products or unpaid invoices are in place. Such termination by the System User shall be notified by the System User to the TSO in writing and with a lead time of at least ten-days (10) from receipt of the written notice by ▇▇▇. The termination fails to apply in case, during the lead time period, the System User acquires further capacity products in accordance with Article 2 of this Frame Capacity Contract or by way of an assignment as described in Article 9. In such event it is deemed that the System User revoked its notice of termination.
10.7 This Frame Capacity Contract is set up electronically and shall be signed by the contracting parties either (a) in two (2) original copies, with each of the contracting parties receiving one (1) original copy or (b) by means of a certified digital signature.
Term of Contract and Termination. (1) This Contract shall enter into force with retroactive effect on Contract award. It documents the mutual rights and obligations on the delivery of gas by the Supplier on the basis of one or more successful tenders in the OGE call for tenders for fuel gas. This Contract shall end at the end of the delivery period without notice having to be given.
(2) Notwithstanding paragraph 1, this Contract may be terminated with immediate effect for reasonable cause. Without limitation, the infringement of a major obligation under this Contract by one of the Parties or a change by the Federal Network Agency to other requirements which are binding on OGE regarding the procurement of fuel gas shall constitute reasonable cause. This Contract may also be terminated with immediate effect in the event of repeated significant infringements of this Contract.
(3) Notice of termination shall not be valid unless made in writing.
Term of Contract and Termination. The initial term of this Agreement will be one (1) year from the commencement of Customer participation, as defined above. This Agreement shall be renewed for up to two additional one-year terms subject to the right of either Party to provide notice of termination 60-days prior to the expiration of the initial or any subsequent term. If the ARC fails to comply with the provisions of the Curtailment Amount under Rider 681, the Company and the ARC will discuss methods to comply during future events. If the Midwest ISO terminates the ARC’s participation, the Company shall immediately terminate the ARC's participation. If there are system reliability issues created by the ARC’s failure to perform the Company reserves the right to suspend participation of the ARC under this Rider for 90 days or to terminate the ARC’s participation. The ARC has the right to ask the Commission to review any decision made by the Company.
Term of Contract and Termination. The initial term of this Agreement will be one (1) Contract Year from the commencement of Customer participation, as defined above. This Agreement shall be renewed for up to two (2) additional one (2) Contract Year terms subject to the right of either party to provide notice of termination sixty (60) days prior to the expiration of the initial or any subsequent term. If the Customer fails to comply with the provisions of the Curtailment Amount under Rider 682, the Company and the Customer will discuss methods to comply during future events. If MISO terminates the Customer’s participation, the Company shall immediately terminate the Customer’s participation. If there are system reliability issues created by the Customer’s failure to perform the Company reserves the right to suspend participation of the Customer under this Rider for ninety (90) days or to terminate the Customer’s participation. The Customer has the right to ask the Commission to review any decision made by the Company.
Term of Contract and Termination. 1. This Contract is concluded and takes effect at 06:00 hours on 02 April 201_, and shall be effective until 06:00 hours on 02 April 201_ .
2. This Contract Agreement shall automatically terminate upon:
(i) the suspension or cessation of the Contracted RRM’s status as RRM;
(ii) the termination of the contract on the provision of fundamental data reporting service between MFGT and the Contracted RRM. MFGT shall inform the System User as soon as reasonably practicable in case of events set out in this Section VI.2.
3. Either party may terminate this Contract with ordinary termination at any time without justification by giving written notice of at least thirty days to the other party. The notice letter shall specify the duration of the notice period and the termination date.
4. Upon the termination of this Contract for any reason: • MFGT will stop providing the Reporting Services; In case of Contract termination, MFGT shall do its utmost so that the information transferred to and received from ACER are kept by the Contracted RRM a for a period of twelve months after termination in accordance with the RRM Requirements. This information will be accessible to the System User through MFGT during that period. After that period, System User may request MFGT to arrange the deletion of all data related to the System User from the Contracted RRM IT system. MFGT shall not assume any responsibility for the obligations of the RRM referred to in this section.
5. Termination shall not affect the rights or obligations accrued at the time of termination. Any provision of this Contract which are binding the parties even after termination shall remain effective until such rights or obligations have been satisfied or released.
Term of Contract and Termination. This contract shall be effective September 1, 2024 to June 30, 2025 (the “Initial Term”), at which time this Agreement shall terminate, unless renewed in accordance with the terms hereof. Provide further, that this Agreement shall automatically renew for successive terms of September 1 to June 30 each (each a “Renewal Term”), unless the District or the County gives written notice to the other party of its intent not to renew and such notice is received by the other party not less than forty-five (45) days prior to the expiration of the Initial Term or the then-current ▇▇▇▇▇▇▇ ▇▇▇▇ (a “Non-Renewal Notice”). In the event a party provides a non- Renewal Notice, this agreement shall terminate with respect to the County on the last day of the Initial Term or the Renewal Term, as the case may be. If either party desires, this contract may be amended upon such terms as the parties negotiate or it may be terminated. Either party desiring to amend or terminate this Agreement shall provide written notice to the other party. Any and all modifications must be in writing, signed by each of the parties, and affixed to this Agreement.
Term of Contract and Termination of the Contract under Section IV of this solicitation package. These termination provisions address termination for cause and for convenience by the non- federal entity and includes the manner by which it will be effected and the basis for settlement.
Term of Contract and Termination. Notice of six (6) months to terminate the contract of employment can be given by either party to take effect as of the end of a calendar month. The Employer has the right to release the Employee from work in the case of a termination, by either party, until the end of the notice period, continuing any contractual payments. The employment contract ends without the need for notice, no later than the end of the month in which the employee reaches the legal retirement age (currently age 65). It also ends with the day on which the worker receives an early retirement pension or a full pension for disability.
Term of Contract and Termination. TERM This ESA shall commence on the Effective Date, provided, however, that Competitive Supplier's obligation to provide Firm Full-Requirements Power Supply shall commence on the Service Commencement Date, and shall terminate as delineated in Exhibit A, unless this ESA is terminated earlier under Article 4.2 below ("Term").
Term of Contract and Termination. 8.1 This Agreement shall become effective as of the date AmCOMP commences operations, and shall remain in full force and effect for a period of five (5) years thereafter. Upon the date AmCOMP commences operations, the parties will execute an addendum to this Agreement, specifying the effective date of this Agreement. The Agreement shall continuously renew for additional five (5) year terms unless AmCOMP notifies MANAGEMENT COMPANY that it elects to terminate the Agreement for a cause described in Section 8.2 of this Agreement.
8.2 This Agreement may be terminated by AmCOMP under the following conditions:
(a) AmCOMP is dissolved or liquidated;
(b) The MANAGEMENT COMPANY is disqualified from acting as a MANAGEMENT COMPANY by the Department and MANAGEMENT COMPANY is thereafter unable to cure the deficiencies cited by such agency within a reasonable amount of time, not exceeding sixty (60) days in length;
(c) Failure of the MANAGEMENT COMPANY to manage and operate AMCOMP’s affairs in a reasonable and prudent manner; or
(d) MANAGEMENT COMPANY intentionally and materially violates a Policy concerning auditing, budgeting, investing or reinsurance.