The Termination Of Agency Agreement And Release is essential when parties wish to formally end their agency relationship under English and Welsh law. It is typically used when either the principal or agent decides to terminate their arrangement, or when both parties mutually agree to end their relationship. The document addresses key aspects such as compensation, return of materials, confidentiality, and releases both parties from future claims. It ensures compliance with the Commercial Agents Regulations 1993 and provides clarity on post-termination obligations and rights.
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1. Parties: Identification of the principal and agent
2. Background: Details of the original agency agreement and reason for termination
3. Definitions: Key terms used in the agreement
4. Termination: Formal termination of the agency agreement and effective date
5. Mutual Release: Release of claims between parties
6. Return of Property: Obligations regarding return of materials and property
7. Confidentiality: Ongoing confidentiality obligations
8. Governing Law: Specification of applicable law and jurisdiction
1. Compensation/Indemnity: Used when compensation or indemnity is payable under the Commercial Agents Regulations
2. Non-Compete: Include if post-termination restrictions are required
3. Data Protection: Include if personal data handling is involved
4. Transition Arrangements: Include if handover period is required
5. Outstanding Payments: Include if there are any pending commissions or payments
1. Original Agency Agreement: Copy of the agreement being terminated
2. Outstanding Matters Schedule: List of pending transactions or matters to be resolved
3. Property Schedule: List of items to be returned
4. Payment Schedule: Details of any final payments or commission calculations
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