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Termination fees are common to service industries such as cellular telephone service, subscription television, and so on, where they are often known as early termination fees. For instance, a customer who purchases cellular phone service might sign a two-year contract, which might stipulate a $ 350 fee if the customer breaks the contract.
In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. Parties may rescind if they are the victims of a vitiating factor, such as misrepresentation, mistake, duress, or undue influence. [1] Rescission is the unwinding of a transaction.
There is a large range of contract options from a variable price to 1,3 or 5 year fixed prices. Electricity provider switching is difficult once the consumer is in one of these contracts, unless they are close to the end of a fixed price contract. However, as of January 2010 there is a maximum termination penalty allowed. [2]
A power purchase agreement (PPA), or electricity power agreement, is a long-term contract between an electricity generator and a customer, usually a utility, government or company. [ 1 ] [ 2 ] PPAs may last anywhere between 5 and 20 years, during which time the power purchaser buys energy at a pre-negotiated price.
In 2009, ODEC proposed building a coal plant in Dendron, Virginia. [3] In 2010, ODEC agreed to purchase the output of the Criterion Wind Project under a 20 year contract. [4] Northern Virginia Electric Cooperative was a member of the cooperative until 31 December 2008, when it terminated its contract. [5]
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Dominion's closest direct corporate ancestor, Virginia Railway & Power Company, was founded by Frank Jay Gould on June 29, 1909. It bought Virginia Passenger & Power soon afterward. In 1925, the name was changed to the Virginia Electric and Power Company (VEPCO), a regulated monopoly. In 1940, VEPCO doubled its service territory by merging with ...
Spirit Airlines is doing away with both change and cancellation fees, effective immediately, ... US dockworkers approve 6-year contract, averting a strike. Finance. CNN Business.