In the world of business, the term “revocation” typically refers to the act of rescinding or cancelling a power, authority, or privilege previously granted. In other words, it’s when something formally approved or established is taken away. This can range from a person or entity rescinding a contract to a government entity revoking a license.
In the legal realm, revocation is taken very seriously and should not be done on a whim. Typically a finite process is involved with a formal process of requesting a revocation, including reasons why the revocation would be beneficial. All parties should be aware as their rights, responsibilities and privileges may be affected.
Revocation in Action – Examples
Let’s look at a few examples of revocation in action to get a better understanding of the concept.
A landlord may revoke permission to a tenant to sublet a property if the tenant fails to meet certain obligations. A business may also revoke privileges from an employee if they do not abide by company policy or have violated an intellectual property agreement. A governing body may revoke a professional license if the holder has failed to uphold certain standards.
Conclusion
Revocation is a serious act and should not be attempted without legal advice. It should be done in accordance with legal requirements of the applicable governing law. In any case, it is important to be aware of the potential consequences that may arise from such an action and the potential for loss associated with it.