Cessation period Clause Samples
A cessation period clause defines a specific timeframe during which certain rights, obligations, or activities are suspended or come to an end. In practice, this clause might apply when a party ceases operations, employment is terminated, or a particular event triggers the suspension of contractual duties for a set duration. Its core function is to provide a clear and predictable window for winding down responsibilities or transitioning out of an agreement, thereby reducing uncertainty and potential disputes between parties.
Cessation period. The insurance must provide cover for the duration of the cessation period where an insured firm has not, prior to the expiration of the extended indemnity period, obtained insurance complying with the MTCs for the indemnity period or the remainder of the indemnity period (as the case may be) which immediately follows the last indemnity period to which the policy relates.