6. Termination
Principle
Iowa State University is committed to the successful completion of all collaborative agreements. Upon termination, issues to be addressed may include resolution of financial considerations, transfer of deliverables, submission of appropriate reports, property/equipment disposition, and management of any material or confidential information that has been exchanged.
Guidelines
Upon termination of any agreement, coordination with the appropriate ISU administrative office is needed for the resolution of financial considerations, transfer of deliverables, submission of financial, technical, and other reports requested by the sponsor, property/equipment management, and appropriate management of any material or confidential information that has been exchanged. These conditions apply in the case of early termination for cause, early termination for convenience, or expiration of the natural term of the agreement. Termination for cause occurs most often when either Party has breached a term of the agreement. Early termination for convenience may occur when the project is not progressing as expected, through no fault of either Party.
Written notification of termination is required from Sponsor.
Natural Termination
The date of natural termination should be specified in the agreement and will dictate the financial parameters under which project closeout takes place. Confidential Information and Materials should be returned or destroyed, except for the retention of one copy of Confidential Information (and occasionally, a sample of the Material) for archival purposes to show compliance with the agreement. Equipment purchased may need to be returned depending on the terms of the agreement.
Early Termination
In the event of early termination, notification as required by the agreement is necessary. Written notification sent certified or registered is preferable. The termination date dictates the financial parameters under which project closeout takes place. Outstanding obligations such as personnel appointments and equipment purchases need to be addressed, as well as submission of reports and deliverables. Every effort should be made to cancel ongoing obligations. Confidential Information and Materials should be returned or destroyed, except for the retention of one copy of Confidential Information (and occasionally, a sample of the Material) for archival purposes to show compliance with the agreement. Equipment purchased may need to be returned depending on the terms of the agreement.
