Optional Termination definition: Copy, customize, and use instantly
Introduction
The term "Optional Termination" refers to the contractual right of a party to end an agreement before its scheduled expiration under specified conditions. It is essential for providing flexibility in business arrangements, mitigating risks, and ensuring that contracts remain beneficial to all parties involved.
Below are various examples of how "Optional Termination" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Optional Termination" as an early lease exit
This definition ties "Optional Termination" to lease agreements.
"Optional Termination" means the lessee's right to terminate the lease before the end of the lease term, subject to advance notice and any applicable termination fees.
Definition of "Optional Termination" as a financial agreement exit
This definition connects "Optional Termination" to financial arrangements.
"Optional Termination" refers to the right of a party to terminate a financial agreement upon meeting certain pre-agreed conditions, including repayment of outstanding amounts.
Definition of "Optional Termination" as a project contract withdrawal
This definition links "Optional Termination" to service contracts.
"Optional Termination" means the right of either party to terminate a service or project contract at their discretion, provided that notice is given within the agreed timeframe.
Definition of "Optional Termination" as a business partnership exit
This definition applies "Optional Termination" to joint ventures or partnerships.
"Optional Termination" refers to the right of a partner or shareholder to exit a business partnership before its agreed duration, subject to buyout provisions or other pre-agreed terms.
Definition of "Optional Termination" as a supplier contract exit
This definition ties "Optional Termination" to supplier agreements.
"Optional Termination" means the right of the purchaser to cancel a supply contract before the term ends without cause, subject to written notice and any applicable penalties.
Definition of "Optional Termination" as an employment agreement clause
This definition connects "Optional Termination" to employment relationships.
"Optional Termination" refers to an employer's or employee’s right to terminate an employment agreement at will, subject to contractual notice requirements.
Definition of "Optional Termination" as a loan prepayment option
This definition links "Optional Termination" to lending agreements.
"Optional Termination" means the borrower's right to prepay a loan in full or in part before its maturity date without incurring additional penalties.
Definition of "Optional Termination" as a credit facility withdrawal
This definition applies "Optional Termination" to banking agreements.
"Optional Termination" refers to the bank’s right to terminate a credit facility at its discretion, subject to repayment of outstanding balances and compliance with agreed terms.
Definition of "Optional Termination" as an insurance policy cancellation
This definition ties "Optional Termination" to insurance contracts.
"Optional Termination" means the policyholder's right to cancel an insurance policy at any time, subject to premium refund policies and notice requirements.
Definition of "Optional Termination" as a software subscription cancellation
This definition connects "Optional Termination" to technology agreements.
"Optional Termination" refers to the user's ability to cancel a software subscription at their discretion, subject to any agreed-upon notice periods or fees.
Definition of "Optional Termination" as an investment agreement exit
This definition links "Optional Termination" to investor agreements.
"Optional Termination" means the investor's right to withdraw from an investment contract before the maturity date, subject to any applicable exit fees or restrictions.
Definition of "Optional Termination" as a franchise agreement termination
This definition applies "Optional Termination" to franchise contracts.
"Optional Termination" refers to the franchisor's or franchisee’s right to end the franchise relationship under pre-determined conditions and with prior notice.
Definition of "Optional Termination" as a licensing agreement termination
This definition ties "Optional Termination" to intellectual property agreements.
"Optional Termination" means the licensor's or licensee’s right to end a licensing agreement before its expiration, provided that contractual notice and obligations are met.
Definition of "Optional Termination" as a government contract withdrawal
This definition connects "Optional Termination" to public procurement contracts.
"Optional Termination" refers to a government entity’s right to terminate a procurement contract early if it is deemed in the public's best interest.
Definition of "Optional Termination" as a data services contract cancellation
This definition links "Optional Termination" to IT and data service agreements.
"Optional Termination" means a party's right to end a data services contract without cause, subject to notice and potential early termination charges.
Definition of "Optional Termination" as a consulting agreement termination
This definition applies "Optional Termination" to professional service agreements.
"Optional Termination" refers to the right of either party in a consulting contract to terminate services before completion, subject to notice and compensation for work completed.
Definition of "Optional Termination" as a non-compete agreement cancellation
This definition ties "Optional Termination" to employment restrictions.
"Optional Termination" means the employer's ability to release an employee from a non-compete agreement before its term expires.
Definition of "Optional Termination" as a construction contract cancellation
This definition connects "Optional Termination" to construction industry agreements.
"Optional Termination" refers to the right of the client or contractor to end a construction contract before completion, subject to agreed compensation terms.
Definition of "Optional Termination" as a merger agreement withdrawal
This definition links "Optional Termination" to corporate acquisitions.
"Optional Termination" means the right of one or both parties in a merger agreement to withdraw from the transaction if certain conditions are not met.
Definition of "Optional Termination" as a hedge agreement exit
This definition ties "Optional Termination" to derivatives contracts.
"Optional Termination" means the right of a counterparty to terminate a hedge agreement before its scheduled maturity, subject to settlement conditions and fees.
Definition of "Optional Termination" as an outsourcing contract withdrawal
This definition connects "Optional Termination" to outsourcing agreements.
"Optional Termination" refers to the client's ability to end an outsourcing arrangement at their discretion, subject to transition provisions and notice requirements.
Definition of "Optional Termination" as a telecommunications service cancellation
This definition links "Optional Termination" to telecom contracts.
"Optional Termination" means the subscriber’s right to cancel a telecommunications service agreement before the end of the contract term, subject to applicable early termination fees.
Definition of "Optional Termination" as a research and development (R&D) contract exit
This definition applies "Optional Termination" to R&D agreements.
"Optional Termination" refers to the right of either party to discontinue an ongoing research and development project before completion, provided notice is given and costs are settled.
Definition of "Optional Termination" as an executive employment contract exit
This definition ties "Optional Termination" to executive-level employment agreements.
"Optional Termination" means the right of either party in an executive contract to terminate the agreement under agreed conditions, including severance provisions.
Definition of "Optional Termination" as a manufacturing supply contract cancellation
This definition connects "Optional Termination" to manufacturing agreements.
"Optional Termination" refers to the purchaser's ability to cancel a long-term manufacturing supply agreement, subject to compensation for work-in-progress and materials.
Definition of "Optional Termination" as a clinical trial agreement termination
This definition links "Optional Termination" to pharmaceutical research contracts.
"Optional Termination" means the sponsor’s right to terminate a clinical trial at any phase if results indicate a lack of efficacy or safety concerns arise.
Definition of "Optional Termination" as a publishing contract withdrawal
This definition applies "Optional Termination" to book or media publishing agreements.
"Optional Termination" refers to the right of an author or publisher to terminate a publishing contract before its expiration, subject to rights reversion and financial settlements.
Definition of "Optional Termination" as a corporate sponsorship contract cancellation
This definition ties "Optional Termination" to sponsorship agreements.
"Optional Termination" means the sponsor’s right to exit a sponsorship contract early if performance benchmarks or marketing exposure targets are not met.
Definition of "Optional Termination" as an aviation lease agreement exit
This definition connects "Optional Termination" to aircraft leasing.
"Optional Termination" refers to the lessee’s ability to terminate an aircraft lease before the agreed-upon term, subject to return conditions and penalties.
Definition of "Optional Termination" as a private equity fund withdrawal
This definition links "Optional Termination" to private equity investments.
"Optional Termination" means the right of an investor to withdraw capital from a private equity fund under predefined exit conditions.
Definition of "Optional Termination" as a data privacy agreement cancellation
This definition applies "Optional Termination" to data protection contracts.
"Optional Termination" refers to the data provider’s ability to cancel an agreement if compliance with updated privacy laws cannot be ensured.
Definition of "Optional Termination" as a co-branding partnership exit
This definition ties "Optional Termination" to brand collaboration agreements.
"Optional Termination" means the right of either party in a co-branding partnership to terminate the agreement if market conditions or strategic interests change.
Definition of "Optional Termination" as a commercial real estate lease break clause
This definition connects "Optional Termination" to real estate contracts.
"Optional Termination" refers to the lessee’s contractual right to exit a commercial lease before the term ends, typically with prior notice and a termination fee.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.