Termination for cause (also known as termination for default (TFD)) is a condition of the Agreement that allows a party to terminate performance of the Agreement in whole or in part due to a material breach or other declared cause. For example, in a replica of insult, the plaintiff claims that the defendant committed his own wrong, without the cause he invoked in his plea, etc. The word cause here means without the alleged excuse, and although it is in the singular, it calls into question all the facts of the plea which constitute only one cause. Termination for cause. Any termination of the manager`s employment relationship by the Corporation for cause in accordance with this provision must be approved by the vote of at least a majority of the non-employed directors who have actual knowledge of the event are circumstances that form the basis of such termination. In the event of dismissal for cause, the board of directors must be informed by the board of directors detailing the particular act or omission on which the board of directors relies to terminate it for cause. The executive should not be dismissed for cause if, within 30 days of receiving such notice, it corrects the omission of the actor concerned specified in the notice, thereby eliminating the correction of that act or omission material economic damage The actor who does not act in the manner in which he or she would have caused the corporation or eliminated the probability, such an act or omission is likely to cause significant economic harm to society. A termination clause contains details of the circumstances under which the parties can terminate their legal relationship and cease to perform their obligations. The common law requires that the parties may terminate an agreement for a fundamental or material breach of the agreement. In the case of insurance, the general rule is that the direct and not distant cause of the damage must be taken into account; Causa proximo non remota spedatur. This rule may apply to carriers in certain cases.
A termination for cause clause allows one of the parties to terminate the contract and claim damages from the other party if it has not fulfilled its contractual obligations. An example would be a contract created to migrate a database to a new system. You can allow your customer to cancel for cause because they have not fulfilled their obligations, but the customer can claim penalties. violates any material provision of this Agreement; (4) the employee misappropriates funds or property of the employer; (5) The employee fails or refuses to comply with any policies, standards or regulations of the employer; or (6) the employee engages in conduct, even if not related to the performance of his or her duties under this Agreement, that would result in serious harm to the interests of the employer if retained as an employee. b) Declaration of termination for cause. In the event of dismissal for cause under this provision, the employer shall provide the employee with a written declaration indicating the event giving rise to the dismissal and the dismissal shall take effect immediately. (c) Compensation for termination for cause. In the event of termination for cause under the above provisions, this Agreement will be terminated in its entirety and the Employee will not be entitled to any other compensation or benefit contemplated herein and will not be entitled to any severance pay. However, all provisions of this Agreement relating to activities and conduct after the termination of the employment relationship between the employer and the employee shall remain in full force and effect in accordance with the provisions of this Agreement. Nothing herein shall be construed to limit the employer`s ability to terminate the employee in its sole discretion without giving any reason.
The term “termination for cause” means termination for personal dishonesty, incompetence, wilful misconduct of the executive, breach of fiduciary duty for personal gain, wilful failure to perform the declared duties, wilful violation of any law, rule or regulation (other than traffic offenses or similar violations) or a final cease and desist order or a material breach of any provision. of this Agreement. The employment of the manager in accordance with this paragraph may not be terminated for acts, acts or omissions performed or omitted in accordance with a decision of the Board of Directors or on the advice of the Bank`s legal counsel. Notwithstanding the foregoing, the Board shall not be deemed to have been terminated for cause unless it receives a copy of a resolution duly passed by the consent of at least a majority of the Board at a meeting of the Board of Directors called and held for that purpose (upon reasonable notice and opportunity to the Board of Directors), and a legal adviser, who must be heard before the board of directors), who finds that, in the opinion of the management board in good faith, it has been guilty of conduct justifying dismissal for cause and specifies the details. The executive is not entitled to remuneration or other benefits for a period after termination for cause. Any unvested stock option granted to the Executive under a stock option plan of the Bank, the Corporation or any subsidiary or affiliate shall be null and void upon receipt by the Executive of notice of termination for cause pursuant to Article 9 of this Agreement and may not be exercised by the Executive for cause at any time after such termination (unless: It is determined in arbitration proceedings that there was no cause for termination for cause. In such event, all of the terms of the options will apply at the time of termination, and all periods of exercise of those options will begin on the date of resolution in the arbitration). Notwithstanding anything to the contrary, if, following the termination of the manager`s employment relationship by the Company for good cause on the basis of the director`s conviction for a crime involving moral disorder, that conviction is definitively set aside on appeal, the director is entitled to payments and the economic equivalent of the benefits he would have received if his employment relationship had been terminated by the company that would have been was dismissed without cause. In the event that the company terminates the employment relationship of the manager for a valid reason, he has the right to: Comment: Typical force majeure events are natural causes (fire, storms, floods), governmental or social measures (war, invasion, riots, strikes), infrastructure failures (transport, energy), etc. Given the Covid-19 pandemic, this sample also includes epidemics, pandemics and quarantines. As a general rule, the party affected by force majeure is obliged to immediately inform the other party in writing of the occurrence of the force majeure event (in reasonable detail) and the expected duration of the impact of the event on the party.
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