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A termination for convenience clause, or "T for C" clause, [1] enables a party to a contract to bring the contract to an end without the need to establish that the other party is in default, for example because the client party's needs have changed, or in order to arrange for another party to complete the contract.
Initially the United States Court of Federal Claims agreed with the contractors, changing the termination for default into a termination for convenience (the contractors sought US$1.2 billion in total costs under such a termination); however, the United States Court of Appeals for the Federal Circuit reversed the decision and remanded the case ...
The contractor responded to the cancellation by submitting claims for costs incurred, settlement expenses, and lost profits. The Dept. of the Army attempted to settle these claims in accordance with the standard “termination for convenience of the government” clause outlined in the Armed Services Procurement Regulations (ASPR). Under this ...
A former Allianz fund manager was spared prison time on Friday over his role in a meltdown of private investment funds sparked by the COVID-19 pandemic that caused an estimated $7 billion of ...
Aug. 21—The city of Albuquerque is on the hook for at least $744,000 plus interest for canceling a fixed-price fuel contract in 2020 to get a better deal on the open market. The 10th Circuit ...
Chapter 35 — Truthful Cost or Pricing Data; Chapter 37 — Awarding of Contracts; Chapter 39 — Specific Types of Contracts; Chapter 41 — Task and Delivery Order Contracts; Chapter 43 — Allowable Costs; Chapter 45 — Contract Financing; Chapter 47 — Miscellaneous
The convenience of the employer rule allows some states to impose income tax on employees working remotely in other states for companies located within their borders.
Termination fees are common to service industries such as cellular telephone service, subscription television, and so on, where they are often known as early termination fees. For instance, a customer who purchases cellular phone service might sign a two-year contract, which might stipulate a $ 350 fee if the customer breaks the contract.