Disposition at Termination Clause Samples
The "Disposition at Termination" clause defines what happens to assets, materials, or information when an agreement ends. Typically, this clause outlines whether property must be returned, destroyed, or otherwise handled, and may specify procedures for the transfer or disposal of confidential documents, equipment, or intellectual property. Its core function is to ensure that both parties understand their obligations regarding the handling of resources at the conclusion of the contract, thereby preventing disputes and protecting sensitive interests.
Disposition at Termination. At such time as accounts are settled between Contractor and Carrier upon termination of this Agreement, the Escrow Account will be applied to reduce any indebtedness of Contractor to Carrier as described in Section 5.05 hereof. In the event that Contractor is indebted to Carrier in an amount greater than that held by Carrier in the Escrow Account, Contractor's indebtedness will be reduced by the amount in the Escrow Account and Contractor will remain liable to Carrier for any remaining indebtedness. Any excess amount remaining in the Escrow Account will be remitted to Contractor upon Contractor's fulfillment of the requirements of Section 7.02 hereof. In the event Contractor is a party to two or more contractor operating agreements with Carrier, similar to this Agreement, Carrier may deduct from any of the Escrow Accounts maintained pursuant to such agreements any sum due to Carrier in connection with Contractor's operations under any such agreements.
Disposition at Termination. After this Contract has expired in accordance with its terms, unless otherwise agreed to by the Parties, all Revenues generated under this Contract shall belong solely to UIA, less payments due to the Town under any Promissory Note or other obligation arising out of this Contract.