Termination Event definition: Copy, customize, and use instantly
Introduction
The term "Termination Event" refers to an event or circumstance that triggers the termination of an agreement, contract, or arrangement between parties. It outlines specific conditions under which one or more parties may exercise their right to end the contract, typically due to failure to perform obligations, breaches, or other specified triggers. Understanding the "Termination Event" is crucial for risk management, compliance, and ensuring both parties' rights are protected.
Below are various examples of how "Termination Event" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Termination Event" for breach of contract
This definition ties "Termination Event" to breach of contract scenarios.
"Termination Event" means a breach of any material provision of this agreement by a party that remains uncured after the expiration of the applicable cure period.
Definition of "Termination Event" for insolvency
This definition connects "Termination Event" to insolvency situations.
"Termination Event" refers to the insolvency or bankruptcy of a party, including the filing for bankruptcy or appointment of a receiver, which causes the automatic termination of this agreement.
Definition of "Termination Event" for failure to meet performance obligations
This definition links "Termination Event" to performance obligations.
"Termination Event" means the failure by either party to meet the performance targets set forth in this agreement after being given the opportunity to cure within the specified time frame.
Definition of "Termination Event" for non-payment
This definition applies "Termination Event" to non-payment situations.
"Termination Event" refers to the failure of a party to make a required payment when due, after the expiration of any applicable grace period.
Definition of "Termination Event" for regulatory change
This definition connects "Termination Event" to regulatory changes.
"Termination Event" means a change in applicable law or regulation that makes the continued performance of the contract unlawful or impossible.
Definition of "Termination Event" for mutual consent
This definition links "Termination Event" to mutual consent.
"Termination Event" refers to the mutual agreement between the parties to terminate the agreement before its natural expiration.
Definition of "Termination Event" for force majeure
This definition applies "Termination Event" to force majeure situations.
"Termination Event" means the occurrence of an event of force majeure that prevents the performance of this agreement for a prolonged period, beyond the time allowed for cure under the terms of this agreement.
Definition of "Termination Event" for change of control
This definition ties "Termination Event" to a change of control.
"Termination Event" refers to the occurrence of a change in control of a party, including a sale of all or substantially all of its assets or a merger or acquisition.
Definition of "Termination Event" for government action
This definition connects "Termination Event" to government action.
"Termination Event" means any governmental action, law, or decree that directly affects the ability of a party to perform its obligations under this agreement.
Definition of "Termination Event" for failure to maintain insurance
This definition links "Termination Event" to failure to maintain insurance.
"Termination Event" refers to the failure by a party to maintain the insurance required under this agreement, which is not cured within the specified period.
Definition of "Termination Event" for material adverse change
This definition applies "Termination Event" to material adverse changes.
"Termination Event" means the occurrence of a material adverse change that significantly impacts the ability of a party to fulfill its obligations under this agreement.
Definition of "Termination Event" for misrepresentation
This definition ties "Termination Event" to misrepresentation.
"Termination Event" refers to the discovery of a material misrepresentation or omission by either party that would have affected the decision to enter into this agreement.
Definition of "Termination Event" for breach of confidentiality
This definition connects "Termination Event" to breach of confidentiality.
"Termination Event" means a breach by either party of its confidentiality obligations under this agreement, which is not remedied within the allowed period.
Definition of "Termination Event" for non-compliance with milestones
This definition links "Termination Event" to failure to meet milestones.
"Termination Event" refers to the failure of a party to achieve any key milestone or deliverable set forth in this agreement by the agreed-upon deadlines.
Definition of "Termination Event" for failure to cure defaults
This definition ties "Termination Event" to failure to cure defaults.
"Termination Event" means the failure of a party to cure a default after receiving written notice and within the prescribed cure period as specified in this agreement.
Definition of "Termination Event" for unauthorized assignment
This definition applies "Termination Event" to unauthorized assignment.
"Termination Event" refers to the unauthorized assignment or transfer of rights or obligations under this agreement without the prior written consent of the other party.
Definition of "Termination Event" for liquidation
This definition connects "Termination Event" to liquidation.
"Termination Event" means the voluntary or involuntary liquidation of a party or the initiation of proceedings for the dissolution or winding up of its business.
Definition of "Termination Event" for violation of laws
This definition links "Termination Event" to violation of laws.
"Termination Event" refers to a party's violation of any applicable laws, regulations, or ordinances in connection with the performance of this agreement.
Definition of "Termination Event" for extended delays
This definition applies "Termination Event" to extended delays.
"Termination Event" means the occurrence of delays exceeding the maximum permissible timeframes, which prevent the timely completion of essential deliverables under this agreement.
Definition of "Termination Event" for failure to provide required reports
This definition ties "Termination Event" to failure to provide reports.
"Termination Event" refers to the failure of a party to provide the necessary reports, documentation, or records required under this agreement, despite written notice and an opportunity to cure.
Definition of "Termination Event" for fraud
This definition connects "Termination Event" to fraud.
"Termination Event" means the discovery of fraud, misappropriation, or intentional misconduct by a party that undermines the foundation of the agreement.
Definition of "Termination Event" for early termination right
This definition links "Termination Event" to early termination rights.
"Termination Event" refers to an event that triggers the early termination rights of either party as provided under Section [X] of this agreement.
Definition of "Termination Event" for breach of warranty
This definition applies "Termination Event" to breach of warranty.
"Termination Event" means a breach of any warranty or representation made by a party, which remains uncured after the expiration of any applicable cure period.
Definition of "Termination Event" for financial default
This definition connects "Termination Event" to financial defaults.
"Termination Event" refers to the failure of a party to meet its financial obligations, including payment defaults or bankruptcy proceedings, resulting in the termination of this agreement.
Definition of "Termination Event" for loss of key personnel
This definition ties "Termination Event" to the loss of key personnel.
"Termination Event" means the loss or departure of key personnel who are critical to the performance of this agreement, resulting in an inability to perform obligations.
Definition of "Termination Event" for legal incapacity
This definition links "Termination Event" to legal incapacity.
"Termination Event" refers to the legal incapacity or disability of a party to perform its obligations under this agreement, including incapacity due to death or mental incompetence.
Definition of "Termination Event" for lack of funding
This definition applies "Termination Event" to lack of funding.
"Termination Event" means the failure of a party to secure the necessary funding or capital required to fulfill its obligations under this agreement.
Definition of "Termination Event" for change in business direction
This definition connects "Termination Event" to a change in business direction.
"Termination Event" refers to a significant change in the business direction or strategy of a party, making it impossible to continue performance under this agreement.
Definition of "Termination Event" for system failure
This definition links "Termination Event" to system failure.
"Termination Event" means a critical system failure or technological malfunction that prevents the performance of any essential obligations under this agreement for a prolonged period.
Definition of "Termination Event" for non-renewal of license
This definition ties "Termination Event" to non-renewal of a license.
"Termination Event" refers to the non-renewal or termination of any necessary license or permit required to perform the activities outlined in this agreement.
Definition of "Termination Event" for change in market conditions
This definition connects "Termination Event" to changing market conditions.
"Termination Event" means the occurrence of significant changes in market conditions, such as economic downturns or shifts in market demand, which render performance under this agreement commercially impractical.
Definition of "Termination Event" for material non-compliance
This definition links "Termination Event" to material non-compliance.
"Termination Event" refers to the failure of a party to comply with material terms of the agreement, such as performance standards or financial requirements, after being notified and failing to cure.
Definition of "Termination Event" for legal challenges
This definition applies "Termination Event" to legal challenges.
"Termination Event" means the initiation of any legal action or regulatory challenge that directly affects the ability of either party to perform its obligations under this agreement.
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.