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Gatekeeper Contract and Vendor Management Glossary

Search common contracting language and take a deeper dive to discover what each means

Glossary > T

Terminate for Convenience

A Contract may allow one or more involved Parties to unilaterally Terminate it without providing the other Parties with any reason.

Such termination may only be allowed at certain times such as on the Contract anniversary or following the end of any initial Term, may require some minimum Notice Period.

It could also require payment of an early Termination fee by the 'buying' Party or the refund by the 'selling' Party of the unused portion of any prepaid fees.