Termination by Nec Sample Clauses

The 'Termination by NEC' clause grants the NEC (New Engineering Contract) party the right to end the contract under specified circumstances. Typically, this clause outlines the conditions under which the NEC can exercise this right, such as contractor default, insolvency, or failure to perform key obligations. By clearly defining the grounds and procedures for termination, the clause provides a structured mechanism for ending the contractual relationship, thereby protecting the NEC's interests and ensuring that unresolved issues can be addressed efficiently.