The Termination of Distribution Agreement is essential when parties wish to formally end their distribution relationship in Nigeria. This document is typically used when either the supplier or distributor wishes to end their business relationship, or when both parties mutually agree to terminate their arrangement. It covers crucial aspects such as the handling of remaining inventory, settlement of accounts, treatment of confidential information, and post-termination obligations. The agreement must comply with Nigerian contract law and commercial regulations, including the Federal Competition and Consumer Protection Act 2018. It's particularly important in protecting both parties' interests during the transition period and preventing future disputes by clearly documenting the terms of separation.
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1. Parties: Identification of the Principal/Supplier and Distributor with full legal names and addresses
2. Background: Reference to the original Distribution Agreement, its date, and brief context for the termination
3. Definitions: Key terms used in the termination agreement, including references to defined terms from the original agreement
4. Termination Date: Clear specification of when the Distribution Agreement will terminate
5. Mutual Agreement: Statement that both parties agree to terminate the Distribution Agreement
6. Outstanding Obligations: List of any remaining obligations that need to be fulfilled by either party
7. Financial Settlement: Details of final payments, reconciliation of accounts, and financial obligations
8. Return of Materials: Requirements for returning any proprietary materials, documents, or equipment
9. Confidentiality: Ongoing obligations regarding confidential information
10. Release and Waiver: Mutual release from claims and liabilities related to the Distribution Agreement
11. Governing Law: Confirmation that Nigerian law governs the termination agreement
12. Execution: Signature blocks and execution requirements
1. Inventory Disposal: Provisions for handling remaining inventory, used when significant stock remains
2. Transition Period: Terms for a handover period, if needed for smooth business continuation
3. Customer Transfer: Procedures for transferring or managing existing customers, if applicable
4. Intellectual Property: Special provisions for IP rights post-termination, if significant IP was involved
5. Non-Compete: Post-termination competition restrictions, if agreed between parties
6. Surviving Provisions: List of provisions from original agreement that survive termination, if any
7. Territory Rights: Clarification of territorial rights post-termination, if territory exclusivity was involved
8. Employee Matters: Provisions regarding employees or contractors, if relevant to the distribution arrangement
1. Schedule 1 - Original Distribution Agreement: Copy of the original Distribution Agreement being terminated
2. Schedule 2 - Outstanding Orders: List of pending orders and their handling
3. Schedule 3 - Financial Statement: Statement of all outstanding financial matters and final reconciliation
4. Schedule 4 - Inventory List: Detailed list of remaining inventory and agreed disposal method
5. Schedule 5 - Company Materials: List of all materials to be returned to the Principal/Supplier
6. Schedule 6 - Customer List: List of current customers and agreed handling procedure
7. Appendix A - Settlement Calculation: Detailed calculation of any settlement payments
8. Appendix B - Transition Timeline: Detailed timeline for implementing the termination process
Relevant legal definitions
Clauses
Relevant Industries
Retail
Consumer Goods
Manufacturing
Automotive
Electronics
Pharmaceuticals
Food and Beverage
Construction Materials
Agricultural Products
Industrial Equipment
Telecommunications
Fashion and Apparel
Home Appliances
Medical Devices
Chemical Products
Relevant Teams
Legal
Commercial
Sales
Operations
Supply Chain
Distribution
Business Development
Compliance
Contract Management
Corporate Affairs
Relevant Roles
Commercial Director
Sales Director
Legal Counsel
Contract Manager
Business Development Manager
Operations Manager
Supply Chain Manager
Distribution Manager
Chief Commercial Officer
Regional Sales Manager
Compliance Officer
General Counsel
Managing Director
Chief Executive Officer
Procurement Manager
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