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Termination clause (describing what will happen if the contract is ended early or cancelled by either of the parties, stating the rights of parties to terminate the lease, and their obligations) All kinds of personal property (e.g. cars and furniture) or real property (e.g. raw land, apartments, single family homes, and business property, which ...
The continuous drilling provision was created in order to provide more certainty in the face of inconsistent court rulings. While a continuous drilling provision may provide the parties with a more reliable test to determine whether drilling and operations have been continuously prosecuted (so as to hold a lease past its primary term), the inclusion of the provision could prove fatal to a ...
An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...
An agreement with Denny, Mott & Dickson Ltd in 1929 said that they would buy wood from Denny, and lease a timber yard with the option to buy it or take a long lease on certain terms. The contract's first four clauses concerned the timber. Clause 5 provided for the contract's termination on notice by either party.
“Lease terminations are the clear priority at this time,” according to a Jan. 29 email from a senior GSA manager, a copy of which was provided to the AP by a GSA employee.
A break clause is a term in a contract that allows early termination of the contract before the default end date. In accordance with English property law , such clauses are typical in tenancy agreements, so as to allow a tenancy to come to an end before the end date stated in the agreement. [ 1 ]