The Termination of Collaboration Agreement is essential when parties wish to formally end their business collaboration in Singapore. This document is typically used when joint projects, strategic alliances, or business partnerships need to be concluded, whether by mutual agreement or due to specific circumstances. It addresses crucial aspects such as the effective termination date, settlement of accounts, asset division, intellectual property rights, and ongoing obligations. Under Singapore law, this agreement ensures a clear and legally binding framework for ending the collaboration while protecting all parties' interests and maintaining compliance with local regulations.
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1. Parties: Identification of all parties involved in the original collaboration agreement
2. Background/Recitals: Reference to original agreement and context for termination
3. Definitions: Key terms used in the termination agreement
4. Termination: Clear statement of termination and effective date
5. Mutual Release: Release of parties from obligations under original agreement
6. Outstanding Obligations: Settlement of any pending payments or obligations
7. Confidentiality: Ongoing confidentiality obligations post-termination
8. Governing Law: Confirmation of Singapore law as governing law
1. Asset Division: Section detailing the division of jointly owned assets between parties, including process and timeline
2. Intellectual Property Rights: Provisions governing the allocation and ownership of IP rights post-termination
3. Non-Compete: Terms specifying any post-termination competition restrictions and their duration
4. Employee Transfers: Arrangements for handling any shared employees or staff transfers
5. Dispute Resolution: Specific mechanisms for resolving any disputes arising from the termination
1. Schedule of Outstanding Payments: Detailed list of all pending financial settlements between parties
2. Asset Register: Comprehensive inventory of assets to be divided or transferred between parties
3. IP Rights Schedule: Detailed listing of intellectual property allocation and ownership post-termination
4. Original Agreement: Copy of the collaboration agreement being terminated
5. Handover Plan: Detailed timeline and process for transitioning responsibilities and obligations
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