Legal Question in Business Law in Pennsylvania

Re: cancellation clause in agreement

We can't really tell you that. A lot of factors go into the drafting of a contract, including the client's goals, the state of the negotiations, the existing relationship between the contracting parties, the future relationship expected, et cetera. If you want a professional opinion and professional advice, you need to describe the whole situation to an attorney so they can evaluate it.

If you do go it alone, keep in mind there is little to be gained by attempting legalese. Contracts are interpreted to effectuate the intention of the contracting parties, not to conform to language of prior legal decisions. If you want to put something in a contract, think of what you want and then write it in plain English. You will both be served better by simply writing what you want than guessing at the "legal" meaning of various phrases; the "legal" meaning is whatever a Court thinks you two meant when you wrote it.