EFFECT OF TERMINATION
Other Names: Obligations Upon Termination • Termination Obligations • Duties in the Event of Termination • Termination Fee • Return of Materials and Property • Survival
Sample Clause Language:
Upon any termination of this Agreement, [PARTY B] will promptly return to [PARTY A] or, at [PARTY A]’s request, destroy, all tangible documents and materials (and any copies) containing, reflecting or based on confidential information of [PARTY A] in connection with [the Services performed hereunder] [this Agreement], and provide [PARTY A] with an officer’s written certification, certifying to [PARTY B]’s compliance with the foregoing. In addition, upon termination of this Agreement all amounts due and owing by [PARTY B] to [PARTY A] under this Agreement will be immediately due and payable.
Source: Based on Coro Global Inc. (2020, June 30). Form 8-K. Retrieved from SEC EDGAR website http://www.sec.gov/edgar.shtml
Description:
Effect of Termination clauses provide what happens after the contract expires or terminates. The sample clause here is unilateral and drafted in favor of Party A. It includes the following obligations upon termination: (1) return or destruction of confidential information and (2) immediate payment of outstanding amounts.
Common Contracts with this Clause:
- All Commercial Agreements
What you'll see with Lawgood:
Three (3) Alternative Positions
- Unilateral (Standard)
- Mutual (Short-Form)
- Mixed (Long-Form)
Draft better contracts with Lawgood.