Your Death or Disability Sample Clauses
The "Your Death or Disability" clause outlines what happens to the rights and obligations under an agreement if the individual party to the contract dies or becomes disabled. Typically, this clause specifies whether the contract will terminate, continue with the individual's estate or legal representative, or if certain benefits or payments will be made to designated beneficiaries. For example, in an employment or service agreement, it may state that salary payments cease upon death, or that unvested benefits are forfeited. The core function of this clause is to provide clarity and certainty for both parties in the event of death or incapacity, ensuring that there is a predetermined process for handling the contract and minimizing potential disputes.
Your Death or Disability. (a) If you or a majority owner of the legal entity holding the franchise dies or becomes incapacitated, the heirs, beneficiaries or legal representatives of the individual will, within 180 days, either:
(i) Apply to us for the right to continue to operate the Franchised Business for the duration of the term of this Agreement. The right to continue will be granted upon the fulfillment of all the general Transfer conditions (except that no Transfer Fee will be required); or
(ii) Transfer your interest according to the general Transfer conditions.
(b) If we reject your application to continue to operate, the 180 days within which to Transfer will be computed from the date of rejection.
Your Death or Disability. Your death, disability or incompetency will not automatically terminate or change the terms of this agreement. However, your executor, guardian, attorney-in-fact or authorized representative may cancel this agreement by giving written notice to CC.
Your Death or Disability. A. Besides the Step-In Rights described above, the following will apply in case of your death or incapacity if you are an individual, or of any general partner of you if you are a partnership, or of any member or shareholder owning 50 percent or more of you if you are a limited liability company or corporation or other entity. Within one hundred eighty days of the event, the heirs, beneficiaries, devisees or legal representatives of that individual, partner, member or shareholder will:
(1) Apply to us for the right to continue to operate the Franchise for the duration of the term of this Agreement. The right to continue will be granted upon the fulfillment of all of the conditions set forth in Subsection (A) of the section entitled "Sale or Assignment," above (except that no transfer fee will be required). Or,
(2) Transfer your interest according to the provisions of that Subsection. If a proper and timely application for the right to continue to operate has been made and rejected, the one hundred eighty days within which to transfer will be computed from the date of rejection. For purposes of this Subsection, on an application for the right to continue to operate, our silence through the one hundred eighty days following the event of death or incapacity will be deemed an acceptance made on the last day of the period.
(3) If a suitable transferee purchaser is not found within one hundred eighty days from the date of death or permanent incapacity, we may at our sole option enter into a contract to purchase the Franchise. Unless we state in writing that we do not intend to exercise this right, the parties must agree upon a purchase price and terms within twenty business days after notice from us. If not, a fair value and fair terms will be determined in Las Vegas, Nevada by three appraisers. Each party must select one appraiser. The two appraisers chosen must then select a third appraiser. The parties may then present evidence of the value of the Franchise and fair terms for the purchase. The appraisers may include in their decision a factor for the "goodwill" or "going concern" value of the Franchise. The decision of the majority of the appraisers will be conclusive. Any time within thirty days after receiving the appraisers' decision, at our option, it may purchase the Franchise and your assets at the price and upon the terms determined by the appraisers. Terms of payment will be ten percent of the purchase price payable upon contract signing, the balance ...
Your Death or Disability. Your death, disability or incompetency will not automatically terminate or change the terms of this agreement. However, your executor, guardian, attorney-in- fact or authorized representative may cancel this agreement by giving written notice to TCM.
Your Death or Disability. Upon your or your Managing Owner's death or disability, we will allow this Agreement or the Managing Owner's interest in you to be transferred to an immediate family member if the transferee has sufficient business experience, aptitude and financial resources to represent us as a development agent and agrees to comply with this Agreement. This transfer must take place within six (6) months after death or disability. The term "
Your Death or Disability