The Independent Contractor Termination Agreement And Release is essential when concluding a contractor relationship in Malaysia. It should be used when both parties agree to end their professional relationship and want to document the terms of separation clearly. The document addresses crucial elements including final compensation, release of potential claims, return of property, and ongoing obligations such as confidentiality. It ensures compliance with Malaysian contract law and provides legal certainty for both parties. This agreement is particularly important for protecting the interests of both the company and the contractor, establishing clear terms for the conclusion of services, and preventing future disputes. It can be customized based on the specific nature of the contractor relationship, industry requirements, and particular circumstances of the termination.
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1. Parties: Identification of the company and the independent contractor, including full legal names and addresses
2. Background: Brief description of the original contractor relationship, reference to the original agreement, and context for termination
3. Definitions: Key terms used throughout the agreement, including 'Effective Date', 'Original Agreement', 'Services', and 'Confidential Information'
4. Termination: Statement of mutual agreement to terminate, effective date, and immediate cessation of services
5. Final Payment and Settlement: Details of final payment, including any outstanding fees, expenses, or other compensation
6. Return of Property: Requirements for return of company property, documents, and materials
7. Release and Waiver: Mutual release of claims and waiver of rights related to the contractor relationship
8. Continuing Obligations: Survival of specific obligations from the original agreement, particularly confidentiality and intellectual property
9. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction for disputes
1. Non-Disparagement: Mutual agreements not to make negative statements about each other, useful in high-profile or sensitive terminations
2. Tax Matters: Specific provisions about tax obligations and indemnities, important if there are complex tax implications
3. Transition Services: Details of any handover or transition period, needed if the contractor needs to transfer work or knowledge
4. Reference and Announcements: Agreement on how the termination will be communicated and any references to be provided
5. Dispute Resolution: Detailed alternative dispute resolution procedures, recommended for high-value contracts
6. Insurance: Provisions regarding maintenance of professional insurance coverage, important for regulated industries
1. Schedule 1 - Payment Details: Detailed breakdown of final payment calculations, including any outstanding fees and expenses
2. Schedule 2 - Company Property: Itemized list of company property to be returned
3. Schedule 3 - Surviving Provisions: List of specific provisions from the original agreement that will survive termination
4. Appendix A - Original Agreement: Copy of the original independent contractor agreement for reference
5. Appendix B - Handover Checklist: Detailed list of tasks, documents, and information to be handed over
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