The Joint Venture Termination Agreement is utilized when parties to a joint venture decide to end their collaboration, whether by mutual consent or as prescribed in the original joint venture agreement. This document, governed by English and Welsh law, outlines the comprehensive termination process, including asset division, intellectual property rights allocation, employee transfers, and ongoing obligations. It provides crucial protection for all parties by clearly defining their rights and responsibilities during and after the termination process, while ensuring compliance with relevant UK legislation and regulatory requirements.
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1. Parties: Identification and details of all parties to the termination agreement
2. Background: Details of the original JV agreement and reasons for termination
3. Definitions: Key terms used throughout the agreement
4. Termination Provisions: Effective date and mechanics of termination
5. Asset Distribution: Division and transfer of JV assets
6. Mutual Release: Release of claims between parties
7. Confidentiality: Ongoing confidentiality obligations
8. Governing Law and Jurisdiction: Specification of English and Welsh law as governing law and jurisdiction for disputes
1. Employee Transfer: Provisions for the transfer of employees between parties, including TUPE considerations
2. IP Rights: Detailed provisions for the division and assignment of intellectual property rights
3. Tax Provisions: Special arrangements for tax matters and allocations between parties
4. Transition Services: Arrangements for temporary services provided between parties post-termination
5. Non-Compete Provisions: Restrictions on competitive activities post-termination
6. Data Protection: Provisions for handling shared data and compliance with UK GDPR post-termination
1. Schedule 1 - Asset Register: Detailed list of JV assets and their allocation between parties
2. Schedule 2 - Employee Transfer Schedule: List of transferring employees and their terms of employment
3. Schedule 3 - IP Rights Schedule: Detailed allocation of intellectual property rights between parties
4. Schedule 4 - Outstanding Obligations: List of obligations to be fulfilled post-termination
5. Schedule 5 - Completion Obligations: Actions required by each party to complete the termination process
6. Schedule 6 - Transition Services: Details of any temporary services to be provided between parties
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