Examples of Termination Payment in a sentence
If the Contractor shall fail to effect and keep in force all insurances for which it is responsible pursuant hereto, the Authority shall have the option to either keep in force any such insurances, and pay such premia and recover the costs thereof from the Contractor, or in the event of computation of a Termination Payment, treat an amount equal to the Insurance Cover as deemed to have been received by the Contractor.
The Termination Payment shall be due to or due from the Non-Defaulting Party as appropriate.
As soon as practicable after calculation of a Termination Payment, notice shall be given by the Non-Defaulting Party to the Defaulting Party of the amount of the Termination Payment and whether the Termination Payment is due to or due from the Non-Defaulting Party.
In the event of such revocation by Executive, this Release will be null and void in its entirety and, for the avoidance of doubt, Executive shall not be entitled to receive the Termination Payment.
In the event that prior to the end of the Initial Term, Executive’s employment hereunder is terminated by the Company without Cause, Executive will receive the Accrued Benefits and the Termination Payment.