surrender clause


surrender clause
The provision in an oil or gas lease whereby the lessee is given the privilege of surrendering his rights and terminating his liability upon the giving of a stipulated notice or the payment of a designated sum of money, or, in some cases, without either of these formalities. 24 Am J1st Gas & O § 78. The clause of a life insurance policy which provides certain options for the insured upon his surrender of the policy. 29 Am J Rev ed Ins § 619.

Ballentine's law dictionary. . 1998.

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