Common termination agreements

[Starmix]

The penalty is usually done through paying the damages like the unfinished agreement stipulated in the contract. There are companies that cut contracts if sensed it is no longer needed because they boomed.

 

[Etini Willie]

The penalty is usually done through paying the damages like the unfinished agreement stipulated in the contract. There are companies that cut contracts if sensed it is no longer needed because they boomed.

That is why I always insist that every contract must have a release clause. Tastes and preferences change which can affect your ability to see out an agreement. With a release clause, you can buy yourself out.

 

[Starmix]

It should be better to end the contract in good faith to avoid penalties and heartaches between the other party being terminated. I have heard it causes bad impact to both parties.

 

[Authenticity101]

Another agreement to termination of contract is that the party terminating it should inform the other party within a specific period. Meaning that you cannot terminate a contract suddenly, otherwise, you will pay that fee.

 

[Starmix]

That's the right procedure the other party is notified about the contract termination one month before and not instantly. The case may be brought to court if termination is within 24 hours upon receipt of the notice. It's unconstitutional.

 

[Niyi Briggs]

I believe that people should always negotiate and give room for termination of agreements. This would save some unnecessary headache and heartache. Termination of agreements should be negotiated to mutual consent m I believe so much in the power of negotiation.

 

[Starmix]

I agree about the power of negotiation. The two parties must set a condition to finish the contract as what was first agreed to avoid headache and dismal feeling. It's also a kind of insult to the second party involved or whoever between them.

 

[fcbetting]

At my work if I want quit it I just must announce few days early. Most often is a week before quiting. I don't have any penalty in that case. I only must return all equipment.

 

[Starmix]

At my work if I want quit it I just must announce few days early. Most often is a week before quiting. I don't have any penalty in that case. I only must return all equipment.

That's always the case at work if resign but the office must be informed one month to find a replacement or substitution. The contract then will be invalidated upon resigning to its immediate effect.

 

[fcbetting]

That's always the case at work if resign but the office must be informed one month to find a replacement or substitution. The contract then will be invalidated upon resigning to its immediate effect.

Month is to much. In my case week, maximum two is best time interval. In school system you know who can work on some positions and they don't have special trening so it is much easier find replacement.

 

[Starmix]

Month is to much. In my case week, maximum two is best time interval. In school system you know who can work on some positions and they don't have special trening so it is much easier find replacement.

Ours here one month and those who left without notice to the heads after receiving the last salary are sued because employees contract are authenticated by the university lawyer and prosecutors.

 

[fcbetting]

What happend if somebody left firm but didn't get back all equipment like laptop or computer mouse? In my case people forgot this things but boss called them and get it back next day.

 

[Starmix]

What happend if somebody left firm but didn't get back all equipment like laptop or computer mouse? In my case people forgot this things but boss called them and get it back next day.

Those who resigned here faithfully needs to clear his or her office table and surrender the key and everything property of the university. No one resigns without following the protocol.

 

[eldavis]

People terminate agreement unjustly and that could be detrimental to the growth of any kind of businesses.

Yes this is why most business owners tend to go through legal means when signing the contract in the first place, so when any party is at fault, they can easily get justice for themselves or not have to suffer much losses.

 

[Blessed19]

Termination of contract can be done either by mutual agreement or something that the employees would be having to pay off the one that the contract is to be terminated.

 

[Kera]

My company has terminated contract by negotiations and it was very friendly for the two parties to get on the same page to terminate the contract.