Termination not for Default Sample Clauses
The 'Termination not for Default' clause defines the circumstances under which a contract may be terminated for reasons other than a party's default or breach. Typically, this clause allows one or both parties to end the agreement for convenience, such as changes in business strategy or unforeseen events, provided they follow specified notice requirements or pay any applicable termination fees. Its core function is to provide flexibility, enabling parties to exit the contract without having to prove fault, thereby managing risk and accommodating changing needs.
Termination not for Default. If the OWNER terminates the Agreement for a reason other than default, the CONSULTANT shall be paid for the value of work performed and services rendered up to the date of termination, in an amount decided by OWNER. Any such payment shall constitute total payment for such work and services. This payment to CONSULTANT may be a portion of the fixed fee, plus actual costs. The portion of the fixed fee may be based on the ratio of the actual costs uncured to the estimated actual costs. Actual costs to be reimbursed shall be determined by audit of such costs to the date of termination. .