The Agreement Expires

Why difference matters: A carefully crafted agreement may stipulate that a party`s rights deviate from its rights after termination at expiry. For example, one of my clients has a licensing agreement whereby the customer incorporates parts from a popular board game into jewelry. When the contract expires, the customer can sell the remainder of the stock for 60 days after the contract expires. On the other hand, if the contract is terminated by the licensee for violation by the licensee, there is no liquidation period. But a cardinal rule in the development is to avoid relying as much as possible on a court to interpret a word in a certain way. Even if, like me, you think that a termination is the best way to include the process, it would be unwise to put the matter into question in a contract. In this regard, the provision questioned by the seminar participant – this agreement expires on 23 August 2007 – poses no problem, as there is no possible confusion about its importance. And if you use termination in this context, it follows that if you indicate the consequences of termination elsewhere in the same contract, those consequences apply not only when the parties take steps to terminate the contract, but also when the contract expires. The termination is the end of an agreement as a result of a party`s action. For example, an agreement may provide that each party can terminate it after ten days of written termination if the other party violates the agreement and does not cause the violation during the ten days of notice. Moreover, the use can be allowed to skid and shut down, since this contract ends and expires at the end of the commercial operation of the facility. Depending on the size of the termination you prefer, the end and expiration lead to either inconsistencies or redundancy.

But why not use it in the provision in question, instead of ending it? Indeed, not only would it be useless to do so, but you too would resign yourself to having to use heavier constructions elsewhere in the contract, for example. B if this contract expires or is terminated [or otherwise terminates] and not only if the contract expires. (Note that the use of the agreement instead If this agreement is terminated, it would indicate that the stated consequences would only apply if the parties terminate the contract instead of cancelling it.) Many people (too many lawyers in fact) are not aware of the difference between the termination of a contract and the expiry of a contract. This article explains this difference and explains why it is important.