Common use of Termination and Dissolution Clause in Contracts

Termination and Dissolution. 11.1 This Agreement shall terminate on such date as shall be agreed by all Local London Members. 11.2 In the event of termination a final account will be drawn up detailing the costs and liabilities arising from such termination. Such costs and liabilities shall include any staffing costs, redundancies and the cost of terminating any formal arrangements entered into. 11.3 Any net costs after deduction of any income or Annual Contributions remaining will be shared equally between the Local London Members. 11.4 In the event of one or more of the Local London Members wishing to withdraw from this Agreement, but where the LLPP effectively continues then the withdrawing Local London Member[s] will contribute equally between themselves the net cost of their withdrawal. This will include any resultant redundancy costs, any costs of terminating formal agreements and costs that fall on the remaining Local London Members not able to be defrayed by other action. Any Local London Member wishing to withdraw shall be required to give 12 months’ notice in writing of the withdrawal. Such notice period may only be reduced with the written agreement of all non-withdrawing Local London Members.

Termination and Dissolution. 11.1 This Agreement shall terminate on such date as shall be agreed by all Local London Members. 11.2 In the event of termination a final account will be drawn up detailing the costs and liabilities arising from such termination. Such costs and liabilities shall include any staffing costs, redundancies and the cost of terminating any formal arrangements entered into. 11.3 Any net costs after deduction of any income or Annual Contributions remaining will be shared equally between the Local London Members. 11.4 In the event of one or more of the Local London Members wishing to withdraw from this Agreement, but where the LLPP effectively continues then the withdrawing Local London Member[s] will contribute equally between themselves the net cost of their withdrawal. This will include any resultant redundancy costs, any costs of terminating formal agreements and costs that fall on the remaining Local London Members not able to be defrayed by other action. Any Local London Member wishing to withdraw shall be required to give 12 months’ months‟ notice in writing of the withdrawal. Such notice period may only be reduced with the written agreement of all non-withdrawing Local London Members.