Common use of Termination Management Clause in Contracts

Termination Management. Immediately upon receipt by either School or Contractor of notice of termination of this Agreement, Contractor shall: 1) not incur any further obligations for salaries, services or any other expenditure of funds under this Agreement without written approval of School; 2) comply with all directives issued by School in the notice of termination as to the performance of work under this Agreement; and 3) take such action of School shall direct for the protection, preservation, retention or transfer of all property titled to School and client records generated under this Agreement and any non-expendable personal property or equipment purchased by Contractor with contract funds shall become property of School upon termination. On the date the notice of termination is received, Contractor shall furnish to School its client records, and a final closing of the financial records and books of accounts which were required to be kept by Contractor under the paragraph of this Agreement regarding financial records.

Termination Management. Immediately upon receipt by either School or Contractor of notice of termination of this Agreement, Contractor shall: 1) not incur any further obligations for salaries, services or any other expenditure of funds under this Agreement without written approval of School; 2) comply with all directives issued by School in the notice of termination as to the performance of work under this Agreement; and 3) take such action of as School shall direct for the protection, preservation, retention or transfer of all property titled to School and client records generated under this Agreement and any non-expendable personal property or equipment purchased by Contractor with contract funds shall become property of School upon termination. On the date the notice of termination is received, Contractor shall furnish to School its his/her client records, and a final closing of the financial records and books of accounts which were required to be kept by Contractor under the paragraph of this Agreement regarding financial records.