Common use of Termination or Withdrawal Clause in Contracts

Termination or Withdrawal. In the event that this Memorandum is terminated or in the event that a Party withdraws from this Memorandum: No Party will, under this Memorandum, incur any financial liability to any other Party; and In the event that a Party (First Party) is in possession of any equipment, materials, documents, intellectual property, data or other information (Items) that are the property of other Party (Second Party), then the First Party must promptly return all Items to the Second Party, or destroy any Items if directed to do so by the Second Party.