The Contract Termination By Agreement is essential when parties wish to formally end their contractual obligations by mutual consent under Singapore law. This document is particularly useful when both parties agree that their contractual relationship should end before its natural termination date, or when circumstances have changed making the original agreement no longer viable. The agreement ensures clear documentation of the termination terms, handles outstanding obligations, and provides mutual releases to prevent future disputes. It must comply with Singapore's contract law principles and typically includes provisions for confidentiality, property return, and ongoing obligations that survive termination.
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1. Parties: Identification of contracting parties and their details
2. Background: Context of original agreement and reasons for termination
3. Definitions: Key terms used in the termination agreement
4. Termination Date: Effective date of contract termination
5. Mutual Release: Release of parties from obligations under original agreement
6. Settlement of Outstanding Obligations: Agreement on handling any pending payments or duties
1. Confidentiality: Provisions for maintaining confidentiality of sensitive information post-termination
2. Non-Compete/Non-Solicitation: Survival of restrictive covenants from the original agreement
3. Return of Property: Process and timeline for returning physical or intellectual property
4. Insurance and Indemnity: Ongoing insurance obligations and indemnification provisions
1. Schedule of Outstanding Payments: Detailed list of any remaining financial obligations between parties
2. Schedule of Property to be Returned: Inventory of items to be returned by either party
3. Original Agreement: Copy of the agreement being terminated as reference
4. Release Documentation: Formal release forms and associated documentation
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