Document background
The Termination of Agency Agreement is a crucial document used when parties wish to formally end their agency relationship in the Philippines. It is particularly important when there needs to be a clear record of the termination and its terms, especially in commercial relationships governed by Philippine law. This document is typically used when either the principal or agent wishes to end their relationship, or when both parties mutually agree to terminate their arrangement. It addresses key aspects such as the termination date, settlement of accounts, return of properties, and ongoing obligations. The agreement must comply with the Civil Code of the Philippines, particularly Articles 1868-1932 governing agency relationships, and relevant commercial regulations. It provides protection for both parties by clearly defining their rights and obligations during and after the termination process.
