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A break clause is a term in a contract that allows early termination of the contract before the default end date. In accordance with English property law, such clauses are typical in tenancy agreements, so as to allow a tenancy to come to an end before the end date stated in the agreement. [1]
Many commercial contracts include clauses that set out a process whereby notice must be given and in what form. Consequently, if there is a written contract, care should be taken to check the contract terms and to ensure compliance notwithstanding that the other party may, on the face of it, have committed a clear and repudiatory breach.
The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
The test of whether a clause is severable is an objective test—whether a reasonable person would see the contract standing even without the clauses. Typically, non-severable contracts only require the substantial performance of a promise rather than the whole or complete performance of a promise to warrant payment.
Category:Contract clauses concerns specific clauses in legal contracts. Pages in category "Contract clauses" The following 54 pages are in this category, out of 54 total.
An early termination fee (ETF) is a charge levied when a party wants to break the term of an agreement or long-term contract.They are stipulated in the contract or agreement itself, and provide an incentive for the party subject to them to abide by the agreement.
Under this clause, the contractor could claim a profit allowance for work it already had performed, but not for anticipated profits. However, the company argued that because the Army had failed to include this termination for convenience clause in the contract, the Army's cancellation of the project constituted a breach of contract. The ...
A contract is a legally binding agreement made between parties involved in a transaction for the exchange of goods or services. The agreement often comes in the form of a written instrument that provides the terms or conditions of the arrangement, each of which correspond to an obligation that one of the parties entering the agreement is obliged to fulfill.
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