- 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. Anderson, W.S.. 1998.
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