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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. [2]
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 breakup fee (sometimes called a termination fee) is a penalty set in takeover agreements, to be paid if the target backs out of a deal (usually because it has decided instead to accept a more attractive offer). The breakup fee is ostensibly to compensate the original acquirer for the cost of the time and resources expended in negotiating the ...
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 ...
A former Starbucks employee is suing the coffee chain, saying he was wrongly terminated after confronting robbers at his store. NBC St. Louis affiliate KSDK reports 20-year-old Michael Harris was ...
Termination for convenience, otherwise known as at will, provides a party with the right to terminate an agreement for any or no reason. To allow a nonterminating party to make alternative business plans and prepare to wind-down its operations with the terminating party, most termination at will provisions require the terminating party to ...
SoFi was founded in 2011 as a student loan refinancing company. In 2019, SoFi — , short for Social Finance — expanded into investment services, offering a user-friendly platform to new investors.
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