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Termination Of Purchase Agreement Template for Singapore

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Key Requirements PROMPT example:

Termination Of Purchase Agreement

"Need a Termination of Purchase Agreement under Singapore law to end our software licensing agreement with TechCorp Solutions, ensuring all intellectual property is returned and including a mutual non-disparagement clause, with termination effective March 1, 2025."

What is a Termination Of Purchase Agreement?

The Termination of Purchase Agreement is utilized when parties to an existing purchase agreement mutually decide to end their contractual relationship before its natural conclusion. This document, governed by Singapore law, provides a structured approach to unwinding the original transaction, addressing key aspects such as financial settlements, return of goods or services, and mutual releases from future obligations. It's particularly important in commercial relationships where clear documentation of the termination terms is essential for risk management and future reference. The agreement ensures compliance with Singapore's Contract Act and related commercial legislation while providing certainty and closure for all parties involved.

What sections should be included in a Termination Of Purchase Agreement?

1. Parties: Identification and details of all parties involved in the termination

2. Background: Details of the original purchase agreement and circumstances leading to termination

3. Definitions: Key terms used tHRoughout the agreement

4. Termination Date: Effective date of termination

5. Settlement Terms: Financial and operational arrangements for termination

6. Mutual Release: Release of obligations and liabilities between parties

7. Governing Law: Specification of Singapore law as governing law

What sections are optional to include in a Termination Of Purchase Agreement?

1. Return of Goods: Procedures for returning goods if applicable - use when physical goods are involved

2. Confidentiality: Ongoing confidentiality obligations - use when sensitive information was shared

3. Survival Clauses: Clauses that survive termination - use when certain obligations need to continue

4. Dispute Resolution: Specific dispute resolution procedures - use when parties want to specify alternative dispute resolution

What schedules should be included in a Termination Of Purchase Agreement?

1. Original Purchase Agreement: Copy of the agreement being terminated

2. Settlement Calculation: Detailed breakdown of any financial settlements

3. Inventory List: List of goods to be returned or retained - applicable when physical goods are involved

4. Release Forms: Additional documentation for mutual release - applicable when complex releases are required

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

























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Industries

Contract Act 1872: Primary legislation governing contract formation, validity, and termination principles in Singapore

Sale of Goods Act (Chapter 393): Regulates contracts for the sale of goods, including terms, conditions, and rights of parties in sales transactions

Supply of Goods Act: Governs the quality and fitness of goods supplied in commercial transactions

Consumer Protection (Fair Trading) Act: Protects consumer interests and regulates fair trading practices in consumer transactions

Housing Developers Rules: Specific regulations for real estate transactions and property development agreements

Conveyancing and Law of Property Act: Governs real estate transactions and property transfers in Singapore

Consumer Protection (Trade Descriptions and Safety Requirements) Act: Ensures product safety and accurate trade descriptions in goods transactions

Electronic Transactions Act: Governs the validity and use of electronic signatures and electronic contracts

Stamp Duties Act: Regulates stamp duty requirements for certain types of agreements and transactions

Limitation Act: Sets time limits for bringing legal claims and enforcement of contractual rights

Civil Law Act: Provides framework for civil remedies and damages in contract breaches

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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