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There are as many different types of termination provisions as the ingenuity of lawyers can create. The principle underlying them is that a successful business enterprise should not be destroyed solely because the two partners are unable to agree on a core issue the value of the business as a going concern should be preserved, and a fair way should be found to allow one party to bow out with fair recompense for giving up their share in the venture. The main focus of most deadlock provisions are the termination provisions. If the parties fail to find an amicable solution, then the termination provisions will normally operate.The provisions may require that a mediator may or shall be involved. The two parties may then be asked to summarise their differences in writing, and ordinarily senior personnel on either side will meet to try to find an amicable resolution to the deadlock.The provisions will then indicate if a "key matter" is raised at a certain number of consecutive meetings (occasionally just one meeting, but more often two or three) of the board of directors or other management organ of the business, a deadlock is said to have arisen.These will usually be fairly fundamental matters relating to the management and control of the business. Certain "key matters" will be designated as matters upon which deadlocks can arise.
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However, characteristically the format of the provision will be as follows: