The Termination Of Business Relationship agreement is essential when parties wish to formally end their commercial relationship under Singapore law. This document is typically used when long-term business partnerships, supplier relationships, or strategic alliances need to be dissolved in a structured manner. It includes provisions for managing the separation process, settling accounts, protecting confidential information, and ensuring smooth transition. The agreement must comply with Singapore's legal framework, particularly the Contract Act and commercial regulations, while addressing specific industry requirements and protecting both parties' interests during and after termination.
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1. Parties: Identification and details of all parties involved in the termination
2. Background: Context of the business relationship and reason for termination
3. Definitions: Key terms used tHRoughout the agreement
4. Effective Date of Termination: Specific date when the business relationship will end
5. Outstanding Obligations: List of remaining duties and responsibilities
6. Confidentiality: Ongoing obligations regarding confidential information
7. Governing Law: Specification of Singapore law as governing law
1. Transition Arrangements: Details of handover process and timeline for complex operational transitions
2. Non-Compete Provisions: Restrictions on future competitive activities and protection of business interests
3. Asset Division: Distribution and transfer arrangements for jointly owned assets
4. Employee Transfer: Arrangements for staff transfers and employment-related matters
1. Schedule of Outstanding Payments: List of all pending financial obligations between the parties
2. Asset Register: Inventory of assets to be distributed or transferred between parties
3. Intellectual Property Rights Schedule: List of IP rights and their post-termination ownership arrangements
4. Transition Timeline: Detailed timeline for implementing the termination process
Relevant legal definitions
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