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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
If the contract does not have such a clause, the terminating party is required to notify the other party of its intention to terminate the contract before proceeding to seek the court's consent to terminate the contract.
Disposition of property: For a terminating partnership, the transfer is considered a disposition of the property; under Sec.
Fifty percent would consider terminating a pregnancy only during the first trimester, and 36% would consider it during the first two trimesters; the remaining 15% would consider it at any gestation.
We are not aware that the practice of terminating accounts is prevalent in the industry, but we presume that to the extent creditors do so, it is because the accounts are considered unprofitable.
In case of unlimited contract, an employment relation is terminated in one of the following instances: Both the employer and employee mutually agree to terminate the contract; when either party decides, at any time, to terminate the contract provided that the terminating party abides by the legal notice requirements and continues to honour his obligations for the duration of the notice period, which cannot be less than one month; and when either party acts unilaterally to terminate the contract without complying with the legal notice and without reasons of default by the other party (in this case, the terminating party bears the legal consequences).
This type of termination is preferred where the terminating party wishes to have a clean break and to avoid a lengthy and possibly onerous judicial or arbitration process.
S Corporation shareholders can transfer stock to a qualifying trust without terminating S status.
It said the law states any income in a bankruptcy case should be "taxed only as though such case had not been commenced." The court agreed with the Tax Court that none of the three ways the tax code laid out for terminating an S corporation applied in tiffs case.
Additionally, traditional partnership compensation models create barriers to terminating customer misfits via financial punishment for lower billings.
Where no term of employment is stated, and a reasonable period of time has elapsed, the principal should issue a written notice terminating the broker's authority and employment if the broker's services are no longer desired or required.
Within Ministerial Decree 765 of 2015 on terminating employment, a series of articles outline conditions when a contract can be terminated for term and non-term contracts.
The IRS determined the administrator might not have been eligible to make the consent for the estate, thus terminating the S election, but ruled the termination inadvertent.