Term and Termination clause is a contractual clause that specifies the duration of the contract and conditions for its early termination. It ensures clarity on the timeframe of obligations and lawful termination mechanisms. The clause may include procedural requirements like notice periods and address post-termination matters such as outstanding payments, return of confidential information, and remaining duties under a "Survival" clause.
Drafting Tip
Clearly define the duration of the contract and specific terms under which it can be terminated early by either party.
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