CONTRACT TERMINATION FEE Clause Samples
A Contract Termination Fee clause establishes a financial penalty or charge that one party must pay if they end the contract before its agreed-upon expiration. Typically, this fee is calculated as a fixed amount or a percentage of the remaining contract value, and it applies when termination is not due to breach or other specified exceptions. The core function of this clause is to compensate the non-terminating party for losses or inconveniences caused by early termination, thereby discouraging arbitrary contract cancellations and providing financial predictability.
CONTRACT TERMINATION FEE. In addition to housing payments through the date of Check-Out, Students who cancel their Graduate Village housing application and terminate their contract must pay a contract termination fee unless they cancel for a reason described in Section 9.3. Information regarding the amount of the contract termination fee can be found at ▇▇▇▇▇://▇▇▇▇▇▇▇.▇▇▇▇▇▇▇.▇▇▇/myhousing- resources. This fee also applies to the University’s termination of this contract due to Student default as described below. The Student and the University acknowledge that, if the Student’s application and contract are cancelled, including termination by the University in the event of Student default, (1) the amount of the University’s losses or damages likely to be incurred is difficult to precisely estimate, and (2) the termination fee bears a reasonable relationship to the losses likely to be incurred.
CONTRACT TERMINATION FEE. In the event the Agreement is terminated under Change of Control circumstances, then, so long as Executive continues to comply with the Agreement, and so long as Executive executes and delivers to the Company immediately prior to the payment a release in the form of Exhibit B, and the statutory period during which the Executive may revoke the release of claims has expired, on or before the thirtieth (30th) day after the Executive's termination of Agreement, then Executive will be entitled to receive an amount (the "Contract Termination Fee") equal to two (2) times the lesser of (i) the Executive's annualized monthly retainer in effect at the Termination Date, or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Code Section 401(a)(17) for the year in which the Executive has such a termination of Agreement (which is $245,000 in 2011). The Contract Termination Fee will be paid to the Executive in cash within thirty (30) days after the Executive's termination of Agreement. If the Executive does not timely execute and deliver to the Company the release such that the statutory period during which Executive may revoke the release of claims has expired on or before that thirtieth (30th) day after the Executive's termination of Agreement, Executive will forfeit the Contract Termination Fee. The Contract Termination Fee will in no event be paid later than the last day of the second (2nd) taxable year of the Executive following the taxable year of the Executive in which the Executive's termination of Agreement occurs. In addition, in connection with the termination described in the preceding sentence, Executive shall be entitled to receive all unreimbursed business expenses incurred through the Termination Date.
CONTRACT TERMINATION FEE. Residents who terminate this Contract after the start of their tenancy on July 1 must submit a Termination Notice via My Housing at least 30 days prior to vacating the Unit. Resident must vacate by the day indicated in the Termination Notice. Resident is responsible for all charges incurred or assessed up to and including the last day of the 30-day period, except that charges will be prorated if the Resident vacates the Unit and the Unit is occupied prior to the conclusion of the 30- day period. If the Resident vacates the Unit prior to the conclusion of the 30-day period, University Housing will make reasonable efforts to re-contract the Unit. If University Housing finds another Resident for the Unit after the Resident vacates but before the conclusion of the 30-day period, this Contract will terminate as of the date the new residency begins. In addition to the changes described in this section, Resident may also be subject to a termination fee.