Ending an agreement isn’t always as easy as saying, “I don’t want to do this anymore.” In fact, termination provisions can be much more complicated and it’s important to know how to read and interpret them in your agreements.
In this episode, I’ll give a quick overview of the two most common termination provisions in service agreements, considerations to be aware of for each, and questions to ask yourself to ensure you’ve covered the necessary bases.
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In this episode:
[02:26] – Breach for default or convenience are the two common termination provisions in most service-based contracts.
[02:37] – Danielle begins discussing the termination provision for breach or default.
[03:18] – A termination for breach will often say something like this.
[03:39] – This termination provision may also discuss the impact of the termination.
[03:57] – Danielle talks about termination for convenience provisions which are very common and usually include these considerations.
[04:36] – Clauses can vary considerably for notice periods, and some agreements include different notice periods for different parties.
[05:11] – How do you give notice of termination to the other party involved?
[06:06] – What else should you keep in mind when reviewing termination provisions? It depends on the type of agreement you enter.
[07:23] – Consider what happens to content created under an agreement when that contract ends early.
[07:58] – You may want to include other areas specific to your business in your termination provisions.
[08:33] – Wrapping up the episode, Danielle reviews today’s action steps.