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A contractual termination clause provides either or both parties with the right to terminate a contract under a defined set of circumstances. Such circumstances may be broadly or narrowly defined and may include either fault and/or non-fault based triggers. For an example of a termination clause, see Precedent: Termination clause and Drafting Notes.
Whether a termination right also constitutes a ‘remedy’ depends upon whether such right to terminate (and the consequences of exercising that right) does in fact provide relief or remedy to an afflicted party, the language of the particular contract and the circumstances under which a party may exercise its right to terminate. When considering exercising a right under a termination clause, any clause setting out the ‘consequences of termination’ should also be closely scrutinised. For example, see clauses 18.6 and 18.7 in Precedent: Framework services agreement—single contract with call-off orders—pro-supplier. See also Practice No
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The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to insurers: the Conduct of Business Sourcebook (COBS) and the Insurance Conduct of Business Sourcebook (ICOBS). This Practice Note considers how these
Broadly, the doctrine of overreaching enables purchasers (which includes tenants and mortgagees) in good faith for money or money’s worth to rely solely on the legal title. In the case of registered land, this means the entries entered on the register of title, as it records ownership of the legal
LiabilityFalse imprisonment consists of the complete deprivation of liberty without a lawful basis. Claims will in practice be made against a public body that exercises detention powers, usually a local police force, the Secretary of State for the Home Department or the Secretary of State for
Produced with input from Rebecca Cousin of Slaughter and May on market practice.This Practice Note summarises the rules and guidance in relation to parties who are, or may be presumed to be, acting in concert for the purposes of The City Code on Takeovers and Mergers (the Code). In particular the
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