At what point the contract is considered to be terminated
At what point the contract is considered to be terminated
The contract is considered terminated from the moment thatits parties determine in the agreement itself, in the agreement on termination of the contract. In the event of termination of a contract by a court decision, the date of the enactment of the judicial act shall become valid during the day of termination of obligations.
Instructions
1
The contract should be considered terminated from the date,which the parties themselves specify in the agreement on its dissolution. By agreement of the parties, the contract is allowed to be terminated at any time, the reason for the termination of the relationship in such a case has no decisive significance. The reason for the appearance of one of the contracting parties with the proposal to terminate the contract is often a significant violation of its conditions, a serious change in the circumstances under which it was concluded, other factors.
2
If there are conditions in the contract about the possibilityunilateral refusal to fulfill obligations on the part of one of the contracting parties, the contract shall be deemed terminated at the time determined by this condition. Usually this point is related to the notification sent by one party to the contract to the other party. The said notification informs about the intention to refuse to fulfill the obligations under the contract unilaterally in accordance with a certain condition of this agreement.
3
In case of cancellation of the contract in courtthe moment of termination of obligations is considered the entry into force of the judicial act, which the contract is terminated. Judicial decisions come into force after the expiration of a month from the date of their adoption in full, unless an appeal is filed by any party. If this complaint is still filed, then the moment of entry into force of the judicial act is the day the decision is made by the appellate instance (if this instance has upheld the decision to terminate the contract).
4
Availability of additional dutieson the parties to the contract at its dissolution, usually does not affect the time of such termination. Thus, in the case of unilateral refusal from the contract of the counterparty who initiated such an initiative, it is often obliged to compensate the other party for the losses caused by this refusal. If the obligation is not fulfilled in due time, the contract will still be considered terminated, but the other party will have the right to demand from the obligated person the payment of money or the provision of certain property.
5
Agreement on termination of the contract between the partiescan be implemented through the exchange of documents. In this case, the contract is terminated from the time specified in the counterparty's proposal that initiated the termination of the relationship. An obligatory condition here is the receipt of a response letter from the other party to the contract with a clear consent to terminate it at the proposed time.
