CANCELLATION
In the event the Client elects to cancel this Agreement at any time following execution, the Client shall provide written notice of cancellation. Upon such notice, the following cancellation fees shall apply. The parties acknowledge and agree that these amounts constitute liquidated damages, represent a reasonable estimate of the losses that Turner Theological Seminary would incur as a result of such a cancellation, and are not intended as a penalty:
- From date of execution up to ninety (90) days prior to arrival: 25% of total contracted revenue
- Ninety (90) to sixty (60) days prior to arrival: 50% of total contracted revenue
- Sixty (60) to thirty (30) days prior to arrival: 75% of total contracted revenue
- Thirty (30) days or less prior to arrival: 100% of total contracted revenue
- All cancellation payments must be remitted via certified check or wire transfer and must accompany the written notice of cancellation.
Failure to submit the required payment concurrently with the notice of cancellation shall render the cancellation notice null and void, and this Agreement shall remain in full force and effect.
Timely submission of the correct cancellation notice and payment constitutes a valid exercise of the Client’s right to cancel without defaulting on this Agreement.
Proper notice of cancellation is not defaulting rather an exercise of a right under this Agreement to cancel this Agreement without any further obligations.