terminate


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terminate

To end.(1) For leases,this term implies an ending before the natural expiration time, as by default.When reviewing leases, pay close attention to the rights and responsibilities “upon termination”or “at expiration,”because these are two completely different circumstances. (2) For partnerships, it means the end of the partnership business and affairs, although that might technically be before formal dissolution of the partnership.(3) Under the Uniform Commercial Code,it means legally ending a contract,without default by either side.

References in periodicals archive ?
A Contractor who terminates on account of the Employer's breach is typically entitled to immediate payment of sums due to it under the contract, together with out of pocket expenses (including its demobilisation costs) and interest.
It tends to be even more difficult to terminate a distributor that is highly dependent for its revenue on a single supplier.
The party seeking to terminate the contract then deems the contract terminated.
It provides that a taxpayer may terminate a previously made election out at any time, by attaching a termination statement to his or her gift tax return, filed by the due date of the return for the calendar year in which is made the first transfer to which the election out is not to apply.
Based on the above cases, the Tax Court concluded that HCMP's failure to terminate the partnership under the procedure outlined in the partnership agreement with a resulting lawsuit were sufficient to prevent a termination even if no business was being conducted by the partnership.
The board at Wednesday's meeting voted 4-1 to terminate Abraham retroactively with cause, with the dissenting vote cast by director Steve Fox.
The court in the Pullman case recognized that a cooperative board's broad powers to terminate a tenancy could lead to abuse through arbitrary or malicious decision making, unlawful discrimination or the like.
To avoid this, the acquiring firm may choose to have the target firm terminate its plan prior to merger or acquisition.
In connection with the tender offer by an affiliate of BMCA, ElkCorp has filed a solicitation/recommendation statement on Schedule 14D-9 with the SEC and, if ElkCorp terminates its merger agreement with Carlyle and enters into a merger agreement with BMCA, ElkCorp expects to file amendments to this Schedule 14D-9.
Delta Air Lines' pilots want a $1 billion payment if the airline decides to terminate an employee pension plan.
However, if the transaction does not so qualify, the QSub election will terminate when the assets are transferred, unless it has always been an S corporation and elects to continue that status under Regs.
The public and the media must know and understand that the chief is subject to many guidelines and restraints, and that proposals to terminate an officer must be reviewed before and concurred on afterward by several levels of command within the Los Angeles Police Department.