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Termination Of Purchase Agreement for Malaysia

Termination Of Purchase Agreement Template for Malaysia

This document is a formal agreement used in Malaysia to legally terminate an existing purchase agreement between parties. It outlines the terms and conditions for ending the purchase arrangement, including settlement terms, mutual releases, and any transitional arrangements. The agreement complies with Malaysian contract law, particularly the Contracts Act 1950 and Sale of Goods Act 1957, and includes provisions for the discharge of remaining obligations, return of goods or properties if applicable, and final settlement terms. It serves as a legally binding document that protects both parties' interests while ensuring a clear and mutually agreed conclusion to their business relationship.

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What is a Termination Of Purchase Agreement?

The Termination of Purchase Agreement is a crucial legal document used in Malaysian business transactions when parties mutually agree to end their existing purchase arrangement or when termination becomes necessary due to specific circumstances. This document is essential in situations where parties need to formally document the cessation of their business relationship, whether due to mutual agreement, changed circumstances, or other factors affecting the original purchase agreement. It must comply with Malaysian law, particularly the Contracts Act 1950 and related commercial legislation. The agreement typically includes detailed provisions for final settlements, mutual releases, return of goods or properties, and the survival of certain obligations. It's particularly important in complex commercial transactions where clear documentation of the termination terms and conditions is necessary to prevent future disputes and ensure proper closure of the business relationship.

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

1. Parties: Identification of all parties to the termination agreement, including their full legal names, registration numbers, and registered addresses

2. Background: Recitals describing the original purchase agreement, its date, and key terms, and the circumstances leading to termination

3. Definitions: Definitions of key terms used in the termination agreement, including reference to defined terms from the original purchase agreement

4. Termination: Clear statement of termination, effective date, and mutual agreement of the parties

5. Settlement Terms: Details of any financial settlements, including final payments, refunds, or adjustments

6. Return of Goods/Property: Procedures and timeline for returning any goods, materials, or property exchanged under the original agreement

7. Mutual Release: Release of parties from obligations under the original agreement and waiver of claims

8. Confidentiality: Provisions regarding confidentiality obligations that survive termination

9. Governing Law: Confirmation of Malaysian law as governing law and jurisdiction

10. Execution: Signature blocks and execution requirements

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

1. Survival Clauses: Identifies specific provisions from the original agreement that will survive termination, used when certain obligations need to continue

2. Transition Arrangements: Details of any transitional period or arrangements, used when immediate termination is not practical

3. Third Party Rights: Addresses rights of any third parties affected by the termination, used when third parties have interests in the original agreement

4. Tax Implications: Addresses tax consequences of the termination, used when significant tax implications exist

5. Dispute Resolution: Specific dispute resolution procedures, used when parties want to specify particular methods for resolving future disputes

6. Non-Compete/Non-Solicitation: Continuation or modification of any restrictive covenants, used when original agreement contained such provisions

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

1. Schedule 1 - Original Purchase Agreement: Copy or key details of the original purchase agreement being terminated

2. Schedule 2 - Settlement Calculation: Detailed breakdown of any financial settlements, including calculations and adjustments

3. Schedule 3 - Outstanding Obligations: List of any remaining obligations and how they will be discharged

4. Schedule 4 - Return Schedule: Detailed list of items to be returned and associated timeline

5. Appendix A - Release Form: Standard form for mutual release of claims

6. Appendix B - Handover Protocol: Procedures for handover of any goods, documents, or materials

Authors

Alex Denne

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

Jurisdiction

Malaysia

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions

























Clauses


























Relevant Industries

Retail

Manufacturing

Real Estate

Technology

Construction

Automotive

Consumer Goods

Industrial Equipment

Agriculture

Energy

Telecommunications

Mining

Healthcare

Education

Relevant Teams

Legal

Procurement

Finance

Commercial

Operations

Risk Management

Compliance

Supply Chain

Sales

Business Development

Relevant Roles

Legal Counsel

Contract Manager

Procurement Manager

Commercial Director

Chief Financial Officer

Business Development Manager

Operations Manager

Supply Chain Manager

Risk Manager

Company Secretary

General Manager

Chief Executive Officer

Sales Director

Purchase Manager

Industries






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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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