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1. Parties: Details of all parties to the termination agreement, including their registered addresses and company registration numbers if applicable
2. Background: Reference to the original contract, its date, and brief context of why parties are agreeing to terminate
3. Definitions: Key terms used in the agreement, including reference to defined terms from the original contract that remain relevant
4. Termination Date: Specific date when the original contract will cease to have effect
5. Mutual Release: Parties' agreement to release each other from future obligations under the original contract
6. Settlement of Accounts: Agreement on final payments, reconciliation of accounts, and handling of outstanding invoices
7. Return of Property: Arrangements for return of any materials, equipment, or confidential information
8. Surviving Obligations: Specification of any provisions from the original contract that will survive termination
9. Governing Law: Confirmation that Indian law governs the termination agreement
10. Execution: Signature blocks and execution formalities
1. Intellectual Property Rights: Required when the original contract involved IP rights that need to be addressed post-termination
2. Confidentiality: Needed when parties wish to keep the termination and its terms confidential
3. Non-Disparagement: Optional clause preventing parties from making negative statements about each other
4. Employee Matters: Required when termination affects employees or contractors
5. Tax Implications: Needed when termination has significant tax consequences that need to be addressed
6. Transition Arrangements: Required when there needs to be a handover period or transition plan
7. Dispute Resolution: Optional detailed dispute resolution mechanism for post-termination disputes
1. Schedule 1 - Original Contract: Copy of the original contract being terminated
2. Schedule 2 - Settlement Statement: Detailed breakdown of final payments and settlements
3. Schedule 3 - Return of Property Checklist: List of items to be returned by each party
4. Schedule 4 - Transition Plan: If applicable, detailed plan for transitioning services or responsibilities
5. Appendix A - Release Forms: Standard form releases to be signed by relevant parties
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Project Manager
Procurement Manager
Commercial Director
Chief Executive Officer
Chief Operating Officer
Company Secretary
Risk Manager
Compliance Officer
Operations Manager
Account Manager
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