Reductions or Cancellations Clause Samples
The 'Reductions or Cancellations' clause outlines the terms under which a party may decrease the scope of services or terminate an agreement before its completion. Typically, this clause specifies the notice period required, any applicable fees or penalties, and the process for formally notifying the other party of the change. Its core function is to provide a clear framework for modifying or ending contractual obligations, thereby reducing uncertainty and managing the risks associated with unexpected changes in plans.
Reductions or Cancellations. Should this Agreement be terminated or the share of the Reinsurer reduced while the underlying contract remains in force, the Reinsurer shall return to the Reinsured the unearned premium, if any, as of the date of cancellation or reduction, less the applicable allowances. If the Reinsured’s liability in the underlying contract is reduced or canceled, the Reinsurer shall follow the Reinsured’s liability in all respects.
Reductions or Cancellations. Should this Agreement be terminated or the quota share be reduced, the Reinsurer shall return to the Ceding Company the unearned premium, if any, as of the date of cancellation or reduction, less the applicable allowances.
Reductions or Cancellations. Should this Agreement be terminated, or the quota share reduced, the Reinsurer shall return to the Company, the portion of any payments received by the Reinsurer from the Company in accordance with Articles 8 and 10 that are attributable to accounting periods after the effective date of the termination or reduction. Likewise, the Company shall return to the Reinsurer the portion of any payments received by the Company from the Reinsurer in accordance with Articles 8 and 10 that are attributable to accounting periods after the effective date of termination or reduction. TLIC/ULIC VA Co/Modco Page 7 Eff. 03/01/2007