exit clause
Contractual escape hatch
An exit clause is a provision in a contract that specifies conditions under which a party may terminate the agreement.
Exit clauses appear in employment contracts, leases, and international treaties, establishing the procedures and consequences for withdrawal: The exit clause required sixty days' notice and a penalty fee.
Also called an escape clause.
Breaking of agreement
- litigationLegal dispute process
- arbitrationNon-court binding dispute resolution
- mediationIntervention to resolve conflict
- rescissionFormal annulment of agreements
enforceability · remedy · damages · injunction · jurisdiction · settlement · dispute · counsel
Condition in an agreement
- conditionState or stipulation
- covenantBinding formal pledge
- obligationRequired task or commitment
- qualificationRequired skill or condition
restriction · specification · prerequisite · requirement · guideline · trigger · threshold · buyout
Breaking up completely
- expiryEnd of validity
- cessationA full stopping
- conclusionEnd or deduction
- completionAct of finishing
closure · ending · discontinuance · wind-up · annulment · invalidation · disengagement · withdrawal
breach
Breaking of agreement
- litigationLegal dispute process
- arbitrationNon-court binding dispute resolution
- mediationIntervention to resolve conflict
rescission · enforceability · remedy · damages · injunction · jurisdiction · settlement · dispute · counsel · waiver
stipulation
Condition in an agreement
- conditionState or stipulation
- covenantBinding formal pledge
- obligationRequired task or commitment
qualification · restriction · specification · prerequisite · requirement · guideline · trigger · threshold · buyout · penalty
dissolution
Breaking up completely
- expiryEnd of validity
- cessationA full stopping
- conclusionEnd or deduction
completion · closure · ending · discontinuance · wind-up · annulment · invalidation · disengagement · withdrawal · separation
- partnership clausesdispute resolution, renewal terms, indemnification, distribution rights, profit sharing
- contract endingstermination, termination notice, termination date, termination fee, termination letter
- lease negotiationoffer, counteroffer, terms, rent, deposit
exit clausebinding agreement
Enforceable mutual commitment
non-compete clause · penalty clause · golden handcuffs · indenture
exit clausein perpetuity
For an unlimited duration
till death do us part · unbreakable bond · vow · blood oath · life sentence