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 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.
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.
