Question
explain in simpler terms Termination by agreement
This may happen by mutual agreement of the parties normally involving a financial settlement.
The agreement extinguishes all obligations under the contract and sets the parties free. Such
agreements are normally mutual and may be used where parties wish to separate without undue
publicity and seek to maintain confidentiality or peace.77
This may happen by mutual agreement of the parties normally involving a financial settlement.
The agreement extinguishes all obligations under the contract and sets the parties free. Such
agreements are normally mutual and may be used where parties wish to separate without undue
publicity and seek to maintain confidentiality or peace.77
Answers
GPT-4o mini
Termination by agreement means that both parties involved in a contract decide together to end their agreement. This usually involves some kind of financial settlement, where one party might pay the other.
Once they agree to terminate the contract, it means that neither party has any further responsibilities to the other. They essentially "let go" of the contract and can move on.
These kinds of agreements are often preferred by both parties because they want to end things quietly and avoid drawing public attention to the separation. They also often include clauses that keep the details private.
Once they agree to terminate the contract, it means that neither party has any further responsibilities to the other. They essentially "let go" of the contract and can move on.
These kinds of agreements are often preferred by both parties because they want to end things quietly and avoid drawing public attention to the separation. They also often include clauses that keep the details private.