Adjustments on Termination Clause Samples
The "Adjustments on Termination" clause defines how financial or contractual obligations are recalculated or settled when an agreement ends before its originally intended completion. Typically, this clause outlines the process for determining outstanding payments, refunds, or prorated charges based on the services rendered or goods delivered up to the termination date. Its core practical function is to ensure that both parties are treated fairly and transparently by clarifying how final amounts are determined, thereby preventing disputes over what is owed when the contract is terminated early.
Adjustments on Termination. Upon the termination of this Agreement, however effected, the parties will forthwith complete all necessary accounting and adjustments between them to effectively reconcile and finalize their obligations pursuant to this Agreement.
Adjustments on Termination. (1) If an Administrator, Counselor, Librarian or non-teaching professional has taken more vacation days than would have been accrued at the rate specified in Section 2A above, the college shall, on termination, deduct from his/her pay the value of vacation days taken in excess of the amount accrued.
(2) Any eligible Administrator, Counselor, Librarian or non-teaching professional leaving state service shall receive a lump sum payment for accrued but unused vacation time, except that all Administrators, Counselors, Librarians or non- teaching professionals who have been notified of termination of their appointment are required to use all accumulated vacation time prior to expiration of the final appointment year unless other arrangements are specifically authorized in writing by the college President, which authorization shall not be unreasonably withheld.
Adjustments on Termination. (1) If a professional staff member has taken more vacation days than would have been accrued at the rate specified in Section 2A above, the college shall, on termination, deduct from his/her pay the value of vacation days taken in excess of the amount accrued.
(2) Any eligible professional staff member leaving state service shall receive a lump sum payment for accrued but unused vacation time, except that all professional staff members who have been notified of termination of their appointment are required to use all accumulated vacation time prior to expiration of the final appointment year unless other arrangements are specifically authorized in writing by the college President, which authorization shall not be unreasonably withheld.
Adjustments on Termination. Upon the termination of this Agreement, however effected, the parties will forthwith complete all necessary accounting and adjustments between them to effectively reconcile and finalize their obligations pursuant to this Agreement. Such adjustments will include, without limitation:
a. the delivery or transfer by the Operator to the City, effective as of the termination date, of the Capital Maintenance Reserve and the Operator Operating Reserve, in each case including all accumulated interest; after payment of any Operator expenses or liabilities contemplated by this Agreement; and
b. use or division of any unexpended surplus accrued pursuant to Schedule B, Clause D.1.c, including all accumulated interest, in accordance with Schedule B, Clause C.3.b.i or C.3.b.ii, as applicable.
Adjustments on Termination. 22.01 Notwithstanding any of the provisions of this Lease, should there be any payments required to be made by Lessee during the Term such as Rent or Additional Rent which would apply to a period beyond the data fixed herein for expiration of this Lease, Lessee shall be obligated only to pay the pro rata share thereof applicable to the Term, except as otherwise provided in Article 2.01 of this Lease with respect to assessments convertible into installments.