The term of the agreement specifies the date it goes into effect and when it ends. The termination clauses explain the various scenarios under which the agreement can be terminated. This can include discretionary termination, termination for breach, force majeure, insolvency, and assignment due to events like an acquisition. It also dictates which clauses survive termination and what payments do or don't occur due to termination.
- The term of the contract specifies…the date the agreement goes into effect,…and when it ends.…Typically, the term begins upon contract execution.…Termination is driven more by the nature…of the consulting work you're performing.…Most times, termination occurs when you…finish providing your services.…Other termination clauses explain…the various scenarios under which the agreement…can be terminated.…There are a lot of reasons a contract can be terminated.…Here are some of the most common ones.…
Termination for convenience means a party…can end the contract whenever it feels like it.…If this clause is in there, be sure…there's a provision that you'll be paid…for work you've performed up to the date of termination.…Also ask that if this provision is invoked,…that there's a reasonable written notification period,…like 30 or 45 days,…so you can wrap up your work.…At Thought Leaders I had a client…where this provision for termination…for convenience was in there.…There was a reorganization.…
My business sponsor left the company.…
- Major and minor contracts
- Registering as a supplier
- Setting pricing, payment, and other contract terms
- Insurance requirements
- Defining your project
- Negotiating the contract
Skill Level Intermediate
1. Start the Contracting Process
Register as a supplier2m 31s
2. Understand Contract Elements
3. Define Your Project
4. Negotiate the Contract
Next steps1m 18s
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