Surrender of License Agreement Sample Clauses
The Surrender of License Agreement clause outlines the process and conditions under which a licensee must relinquish their rights to use a licensed property or asset. Typically, this clause specifies the required notice period, the obligations of the licensee to cease use, and the return or destruction of any proprietary materials upon surrender. Its core function is to ensure a clear and orderly termination of the license, protecting the licensor’s interests and preventing unauthorized use after the agreement ends.
Surrender of License Agreement. 15.1.1. No partial surrender of licensed space or part of the licensed space which has been handed over to the Licensee by Maha-Metro shall be permissible during the tenure of the License Agreement.
15.1.2. The Licensee shall have option to surrender the license agreement after 3 (three) years lock- in period provided -
a. The Licensee successfully completes initial 3 (three) years lock in period.
b. There is no arrear pending with the Licensee on the date of issue of surrender notice.
Surrender of License Agreement. If the Licensee is desirous to exit & surrender the license hereby created before expiry of the lock- in period of two (2) years, the License Agreement shall deemed to be foreclosed on the date mentioned in surrender notice, subject to confirmation by DMRC. In such a case, the balance Interest Free Security Deposit/ Performance Security shall be forfeited in favour of DMRC after adjustment of outstanding dues, if any, payable to DMRC. No grace period shall be provided to licensee in such a case. DMRC may also recover the balance outstanding dues, if are more than Interest Free Security Deposit/ Performance Security, from the other contracts of licensee in DMRC. Balance outstanding dues, if are more than Interest Free Security Deposit/ Performance Security, shall be also recoverable from the licensee before licensee is permitted to remove their establishment(s) or else DMRC will seize their property at Zero/Nil Value. DMRC shall be free to dispose-off the said property/ goods in whatsoever manner as it deems fit. Licensee shall have no claim for compensation or consideration/ damages in this regard.
Surrender of License Agreement. 15.1.1. No partial surrender of Project or part of the Project Area which has been handed over to the Licensee by Maha-Metro shall be permissible during the tenure of the License Agreement.
15.1.2. The Licensee shall have option to surrender the license agreement after twelve (12) months lock-in period provided -
a. The Licensee successfully completes initial twelve (12) months lock in period.
b. There is no arrear pending with the Licensee on the date of issue of surrender notice.