Common use of TERMINATION OF THE MOU Clause in Contracts

TERMINATION OF THE MOU. This Understanding may be terminated with or without cause, by either party upon one hundred and twenty (120) days written notice to the Superintendent of the SDIRC or Executive Director of the EFIRC. Termination of this Understanding shall not discharge any liability, responsibility or right of any party that arises from the performance of or failure to adequately perform the terms of this Understanding prior to the effective date of termination. In the event either party notifies the other of its intent to terminate the Understanding, the Parties shall meet to discuss in good faith the expeditious and efficient separation of the Parties’ assets and ongoing obligations, consistent with obligations imposed by applicable law, by donors, and by other interested parties.