The Termination Of Agency Agreement And Release is essential when parties wish to formally conclude their agency relationship while protecting themselves from future legal claims. This document, commonly used across U.S. jurisdictions, serves multiple purposes: it officially ends the agency relationship, establishes clear termination dates, addresses the return of property and confidential information, settles any outstanding obligations, and includes mutual releases to prevent future legal disputes. It's particularly important when significant business interests are involved or when the agency relationship has involved substantial responsibilities or access to sensitive information.
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1. Parties: Identification of principal and agent, including full legal names and addresses
2. Background: Brief description of existing agency relationship and reason for termination
3. Definitions: Key terms used throughout the agreement
4. Termination: Specific terms of termination including effective date
5. Mutual Release: Terms of mutual release from obligations and claims
6. Return of Property: Requirements for return of materials, documents, and property
7. Governing Law: Jurisdiction and applicable law
1. Survival Provisions: Clauses that survive termination (e.g., confidentiality). Include when ongoing obligations exist post-termination
2. Transition Arrangements: Process for transitioning agency responsibilities. Include when handover period is required
3. Non-Compete: Restrictions on future competitive activities. Include when protecting business interests is crucial
4. Payment Provisions: Final payment terms and outstanding compensation. Include when financial matters need resolution
1. Schedule of Outstanding Matters: List of pending transactions or matters requiring resolution
2. Property Inventory: List of items to be returned or transferred
3. Payment Schedule: Details of any final payments or settlements
4. Original Agency Agreement: Copy of the original agreement being terminated
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