Where an employment contract permits either party to terminate by notice, once one party gives a valid notice of termination, the other party cannot give a subsequent notice to shorten the notice period. The right to terminate by notice is exhausted upon its first valid exercise. Where a termination clause permits a party to fix a notice period of 'not less than' a stipulated minimum, the exercise of that power is constrained by implied obligations of reasonableness and good faith, preventing the fixing of an excessive notice period for an extraneous purpose.
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