What is 'termination for convenience' in SAP SAP-LEGAL - Global Field Legal?

termination for convenience - Overview

• Component: SAP-LEGAL

• Component Name: Global Field Legal

• Description: Termination occurs when either party pursuant to a power created by agreement or law puts an end to the contract otherwise than for its breach. On "termination" all obligations which are still executory on both sides are discharged but any right based on prior breach or performance survives.

termination for convenience - Details

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  Key Concepts: 
  Termination for convenience is a clause in a contract that allows either party to terminate the agreement without cause. This clause is often used in long-term contracts, such as those between a company and its suppliers or customers. It allows either party to end the agreement without having to prove that the other party has breached the contract.
  
  How to use it: 
  In SAP-LEGAL Global Field Legal, termination for convenience can be used to terminate a contract without having to prove that the other party has breached the agreement. This clause can be included in any contract and can be used by either party at any time. 
  
  Tips & Tricks: 
  When including a termination for convenience clause in a contract, it is important to specify the conditions under which the clause can be invoked. This will help ensure that both parties understand their rights and obligations under the agreement. 
  
  Related Information: 
  Termination for convenience is just one of many clauses that can be included in a contract. Other clauses may include indemnification, limitation of liability, and dispute resolution. It is important to understand all of these clauses before entering into an agreement.