Common use of Money to be paid on termination Clause in Contracts

Money to be paid on termination. The closing out of a Contract in accordance with this clause will constitute a complete discharge of all the parties’ obligations under that Contract and has the effect of immediately cancelling the Contract so that the only obligations that continue in respect of the Contract are those provided for in this clause. Where we exercise any right to close out a Contract under this Agreement, the closing out will be effected on your authority (which you give by entering into this Agreement), at your risk and expense and in your name, in accordance with this clause as if you had given notice on the date that we exercise our right.