GRADUAL TERMINATION Sample Clauses

The Gradual Termination clause outlines a process by which a contract or agreement is ended in stages rather than abruptly. Typically, this clause specifies a series of steps, such as phased reductions in obligations, services, or payments, over a defined period leading up to full termination. For example, a service provider might continue to deliver reduced services for several months while the client transitions to a new provider. The core practical function of this clause is to ensure a smooth and orderly wind-down of contractual relationships, minimizing disruption and allowing both parties time to adjust to the change.
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GRADUAL TERMINATION. Despite the provisions in the preceding section, the BUYER has the option, a minimum of six (6) months before the termination of this agreement and by means of a written notification to the SELLER, to decide to continue this agreement with respect to the Basic Volume for three years in addition to the agreed term, through a gradual reduction of the Basic Volume at the rate of twenty-five percent per year starting on the first additional year (seventy five percent of the Basic Volume the first year, fifty percent of the Basic Volume the second year and twenty-five percent of the Basic Volume in the third year), with the prices agreed hereof or with a price equal to the lowest price in other contracts that have at least two years remaining at the termination date of this agreement and that the SELLER has with other banana buyers in Colombia. If the BUYER exercises this gradual termination option, the SELLER will have the right to demand the fulfillment of the gradual termination option included in the International Pineapple Purchase Agreement between the SELLER and ▇▇▇▇▇▇▇▇ Frupac, Inc., signed on this same date. If ▇▇▇▇▇▇▇▇ Frupac, Inc. refuses the gradual termination of this International Pineapple Purchase Agreement, the SELLER is excused from executing the regulated gradual termination included in this clause.
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GRADUAL TERMINATION. Notwithstanding the foregoing, at the Buyer’s option, it may, by means of written notification at least six (6) months prior to the termination of this Agreement, opt to continue with this Agreement with respect to the basic volume for an additional three (3) years to the agreed-upon term, through a gradual reduction of the basic volume of twenty-five percent annually commencing on the first additional year (seventy-five percent of the basic volume the first year, fifty percent of the basic volume the second year, and twenty-five percent of the basic volume the third year), at the prices agreed upon in this Agreement or at a price equal to the lowest price of the other agreements with at least two years term remaining as of the date of this Agreement’s termination, that the Seller shall have with other banana purchasers in Colombia. In case the Buyer exercises such gradual termination option, the Seller shall have the right to demand the performance of the gradual termination option included in the International Pineapple Purchase Agreement by and between the Seller and ▇▇▇▇▇▇▇▇ Frupac, Inc, entered into the date hereof. If ▇▇▇▇▇▇▇▇ Frupac, Inc. shall refuse the gradual termination of such International Pineapple Purchase Agreement, the Seller shall be released from the performance of the gradual termination option governed by this clause.
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GRADUAL TERMINATION. Notwithstanding the foregoing, in the event that ▇▇▇▇▇▇▇▇ International Limited shall exercise its option for the gradual termination of the banana purchase agreement entered into by ▇▇▇▇▇▇▇▇ International Limited and Banana International Corporation, at the Seller’s option, it may, by means of written notification to the Buyer at least five (5) months prior to the termination of this agreement, opt to continue with this Agreement for three years in addition to the agreed-up term, through a gradual reduction of the volume of twenty-five percent annually commencing on the first additional year (seventy-five percent the first year, fifty percent the second year, and twenty-five percent the third year), at the prices [*]. The Buyer may refuse the gradual termination of this agreement, in which case this agreement shall terminate on the initially provided for date and will provide the Seller with the right to refuse the gradual termination of the banana agreement entered into between it and ▇▇▇▇▇▇▇▇ International Limited.
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Related to GRADUAL TERMINATION

  • Mutual Termination This Agreement may be terminated by mutual agreement by the Parties.

  • Final Termination Unless terminated at an earlier date by mutual agreement of the parties hereto, this Agreement shall terminate upon the first to occur of the following: (a) the last Serviced Appointment is terminated, matured or expired under the terms of the applicable Serviced Corporate Trust Contract and all Trust Assets in respect thereof have been fully distributed, (b) the last Serviced Appointment is Transferred to the applicable Purchaser, (c) the applicable Seller has resigned from the last Serviced Appointment if permitted under Section 7.2 below or (d) the applicable Seller is removed from appointment or the applicable Seller’s appointment is terminated with respect to the last Serviced Appointment in accordance with this Agreement, the applicable Serviced Corporate Trust Contract or any other agreement between the parties hereto entered into on or prior to the date hereof. Upon termination of this Agreement in accordance with this Section 7.1, each party’s further rights and obligations hereunder, other than the provisions of Section 8 and Section 9, shall terminate and be of no further force and effect and no party shall have any liability hereunder, except that neither the Sellers nor the Purchasers shall be relieved or released from any liabilities or damages arising out of its breach of any provision of this Agreement prior to termination.

  • Partial Termination The Authority is entitled to terminate all or part of this Framework Agreement pursuant to this Clause 26, provided always that the parts of this Framework Agreement not terminated can operate effectively to deliver the intended purpose of this Framework Agreement.

  • 1Termination This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated on or before the fifth (5th) Trading Day following the date hereof; provided, however, that no such termination will affect the right of any party to ▇▇▇ for any breach by any other party (or parties).

  • Non-Renewal Termination If the Agreement expires as set forth in Section 6(g) [Non-Renewal Termination], then, subject to Section 22 [Compliance with Section 409A], in addition to all salary, annual bonuses, expense reimbursements, benefits and accrued vacation days earned by the Executive pursuant to Section 4 through the date of the Executive’s termination of employment, the Executive shall be entitled to the compensation set forth in Sections 8(d)(i) through (v), provided that within sixty days following the Executive’s termination of employment (i) the Executive has executed and delivered the Release to the Company, and (ii) the Release has become irrevocable: