The Termination Of Agency Agreement is essential when parties wish to formally end their commercial agency relationship in Denmark. It's typically used when either the principal or agent decides to terminate their collaboration, or when both parties mutually agree to end their business relationship. The document must comply with the Danish Commercial Agents Act (Handelsagentloven) and the EU Commercial Agents Directive, particularly regarding notice periods, commission calculations, and potential indemnity payments. It's crucial for documenting the agreed termination terms, managing the transition period, and ensuring all statutory requirements are met. The agreement should address outstanding commissions, customer transitions, return of materials, and any post-termination obligations, while providing clear closure to the business relationship.
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Key Requirements PROMPT example:
Termination Of Agency Agreement
I need a Termination of Agency Agreement for mutually ending a 5-year commercial agency relationship with our Danish pharmaceutical products agent, with the termination to take effect on March 1, 2025, including provisions for commission payments on pending orders and a 3-month transition period.
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OR
1. Parties: Identification of the Principal and Agent, including full legal names, registration numbers, and addresses
2. Background: Brief overview of the original agency agreement, its date, and the parties' mutual decision to terminate
3. Definitions: Definitions of key terms used in the agreement, including reference to the Original Agreement
4. Termination Date: Clear specification of when the agency agreement will terminate
5. Outstanding Commissions: Provisions for the calculation and payment of any outstanding commissions up to the termination date
6. Handover of Materials: Requirements for the return of any materials, documents, or property belonging to the Principal
7. Confidentiality: Ongoing obligations regarding confidential information
8. Final Settlement: Terms for the final financial settlement between the parties
9. Release: Mutual release from future obligations under the Original Agreement, subject to specified exceptions
10. Governing Law and Jurisdiction: Confirmation that Danish law governs and specification of jurisdiction for disputes
1. Indemnity Compensation: Required if the agent is entitled to indemnity under Danish law - typically included unless explicitly waived in the original agreement
2. Post-Termination Restrictions: Include if there are non-compete or non-solicitation provisions that survive termination
3. Customer Transition: Include when there's a need to manage the transition of customer relationships
4. Intellectual Property Rights: Include when there are IP rights or licenses that need to be addressed post-termination
5. Tax Provisions: Include when there are specific tax implications that need to be addressed
6. Dispute Resolution: Optional alternative dispute resolution mechanisms beyond court jurisdiction
1. Schedule 1 - Commission Calculation: Detailed calculation of outstanding commissions and any indemnity payments
2. Schedule 2 - Customer List: List of customers and ongoing transactions that need to be addressed
3. Schedule 3 - Handover Items: Inventory of materials and documents to be returned to the Principal
4. Schedule 4 - Settlement Statement: Detailed statement of all financial settlements between the parties
5. Appendix A - Original Agency Agreement: Copy of the original agency agreement being terminated
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Wholesale Trade
Retail
Industrial Equipment
Consumer Goods
Fashion and Apparel
Technology
Pharmaceuticals
Automotive
Construction Materials
Agriculture
Chemical Products
Medical Devices
Software and IT
International Trade
Relevant Teams
Legal
Sales
Commercial
Business Development
Operations
Compliance
International Business
Contract Management
Distribution
Corporate Affairs
Relevant Roles
Commercial Director
Sales Manager
Legal Counsel
Business Development Manager
Contract Manager
Chief Executive Officer
Operations Director
Sales Director
Compliance Officer
General Counsel
International Business Manager
Distribution Manager
Agency Manager
Commercial Manager
Regional Sales Director
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