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Common use of Derecognition Clause in Contracts

Derecognition. asset is derecognised when the Civil Aviation Authority realises the rights to the benefits specified in the contract or loses control over any right that comprise that asset. A financial liability is derecognised when it is extinguished, that is when the obligation is discharged, cancelled, or expires.

Appears in 8 contracts

Samples: Ownership Agreements, Ownership Agreements, Ownership Agreements