The termination or cancellation of a contract signifies the process whereby an end is put to whatever remains to be performed thereunder . ... It differs from Rescission, which refers to the restoration of the parties to the positions they occupied prior to the contract.
What are terms of termination?
A “Termination” clause is a clause found in a legal agreement that allows for the agreement to be terminated , or ended, under circumstances specified in the clause. The termination clause is typically placed within a Terms and Conditions agreement of a website or app.
What is cross termination?
Cross-Termination. In the event that either Party terminates the License Agreement for the other Party's breach of any material provision thereof, the terminating Party, in its sole discretion, may, at that time, terminate this Agreement for cause upon written notice to the other Party.
What does effective termination mean?
Effective Termination means the occurrence of any of the following, without Executive's consent : (i) Executive is required to report to any person or group, other than the Board or the Board is not the Board of Directors of a public company; (ii) a reduction in Executive's base salary or bonus opportunity; (iii) the ...
What is a terminate mean?
: to come to an end in time or effect . transitive verb. 1 : to bring to a definite end especially before a natural conclusion terminate a contract — compare cancel, rescind. 2 : to discontinue the employment of.
Is a termination clause necessary?
A termination clause is very important in a contract as it states the circumstances under which a contract can be terminated thereby reducing the risk of arbitrary termination .
Can you terminate an agreement without termination clause?
In summary, any party is entitled to terminate a contract , even if their contract does not have a termination clause. But reasonable notice must be given, and if there is a dispute, the reasonableness of that notice will be the subject of court review.
What is the definition of termination for cause?
Termination for cause is the dismissal of an employee for a satisfactory reason . An employee may be fired for various reasons that may include misconduct, fraud and disclosure of confidential information.
What is involuntary termination?
When the Company initiates a termination (i.e., the employee is terminated), the termination is considered involuntary. ... Involuntary terminations may occur for a variety of reasons, including with cause (i.e., employee misfeasance or malfeasance) or without cause (i.e., as a part of a layoff).
What are the causes of termination of employment?
- Incompetence, including lack of productivity or poor quality of work.
- Insubordination and related issues such as dishonesty or breaking company rules.
- Attendance issues, such as frequent absences or chronic tardiness.
- Theft or other criminal behavior including revealing trade secrets.
What is effective date of termination?
The date on which the employee's notice expires (where the employee has been terminated with notice); or. ... The date on which termination takes effect (where the employee has been dismissed without notice).
What is considered a termination date?
What Is a Termination Date? The term termination date refers to the day on which a financial contract ends . This date is the natural ending of any contract—such as a swap, rental lease, or loan agreement—indicating that final payment is made and no further exchanges will occur.
What is a termination date?
Termination Date: In most cases this is the date the employee and the employer end their relationship ; often your last day of work or paid leave.
Is terminated the same as fired?
Termination is analogous with the common term of being “fired .” One may be fired or terminated for a variety of reasons but is traditionally used to mean letting an employee with performance issues go. ...
Is terminated the same as laid off?
The difference between being laid off and fired is who is at fault . Being fired means you are terminated from your job due to something that the company deems was your fault. If you are laid off, that means the company deems that they are at fault.
Does terminated always mean fired?
If you're wondering, “what does terminated mean,” being terminated is the last and final step at which point the employee's position ends , and the relationship between the employer and employee is severed. ... For cause means that he or she is being fired for a specific reason, generally a behavioral-related reason.
