Termination Of Management Agreement

Termination Of Management Agreement Template for Philippines

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Key Requirements PROMPT example:

"I need a Termination of Management Agreement for my hotel management company in Manila, Philippines, to end our five-year management contract with ABC Hospitality Group by mutual consent, with the termination to take effect on March 1, 2025."

Document background

The Termination of Management Agreement is a crucial document used when parties wish to formally end an existing management relationship in the Philippines. It is typically employed when either party wishes to conclude their management arrangement, whether due to completion of services, change in business direction, or mutual agreement to end the relationship. The document must comply with Philippine corporate law and contract law requirements, including proper documentation of the termination process, settlement of obligations, and handling of confidential information. This agreement is essential for protecting both parties' interests during the transition period and establishing clear parameters for the conclusion of the management relationship. It includes comprehensive provisions for financial settlements, handover procedures, and ongoing obligations, ensuring a smooth and legally compliant termination process under Philippine jurisdiction.

Suggested Sections

1. Parties: Identification of all parties to the agreement, including the company and the management entity/individual being terminated

2. Background: Recitals describing the original management agreement, its key terms, and the context leading to termination

3. Definitions: Key terms used throughout the agreement, including reference to the original management agreement and related documents

4. Termination Date: Specific date when the management agreement will terminate and confirmation of mutual agreement to terminate

5. Outstanding Fees and Payments: Settlement of any pending management fees, reimbursements, or other financial obligations

6. Handover Obligations: Details of the transition process, including transfer of responsibilities, documents, and company property

7. Mutual Release: Release of claims and liabilities between parties, subject to specified exceptions

8. Continuing Obligations: Identification of obligations that survive termination, such as confidentiality and non-compete provisions

9. Return of Property: Requirements for returning company assets, documents, and proprietary information

10. Governing Law and Jurisdiction: Confirmation of Philippine law as governing law and jurisdiction for disputes

Optional Sections

1. Non-Compete and Non-Solicitation: Include when there are restrictions on future business activities and employee solicitation

2. Tax Provisions: Include when there are specific tax implications or requirements that need to be addressed

3. Public Announcements: Include for high-profile terminations or when involving public companies

4. Dispute Resolution: Include when parties want to specify alternative dispute resolution mechanisms

5. Insurance and Indemnification: Include when there are ongoing insurance or indemnification obligations

6. Third Party Rights: Include when termination affects rights of third parties or requires their consent

Suggested Schedules

1. Schedule 1 - Original Management Agreement: Copy or reference to the original management agreement being terminated

2. Schedule 2 - Final Account Statement: Detailed statement of all financial settlements and outstanding amounts

3. Schedule 3 - Handover Checklist: List of items, documents, and responsibilities to be transferred

4. Schedule 4 - Company Property Inventory: List of all company property to be returned

5. Schedule 5 - Continuing Obligations: Detailed list of obligations that survive termination

6. Appendix A - Board Resolutions: Relevant board resolutions approving the termination

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Hospitality

Retail

Manufacturing

Financial Services

Technology

Healthcare

Construction

Energy

Transportation

Professional Services

Education

Agriculture

Mining

Relevant Teams

Legal

Executive Leadership

Corporate Secretariat

Human Resources

Finance

Operations

Compliance

Risk Management

Administrative

Corporate Governance

Contracts Administration

Relevant Roles

Chief Executive Officer

Managing Director

Chief Financial Officer

General Manager

Operations Director

Legal Counsel

Corporate Secretary

Board Member

Compliance Officer

Human Resources Director

Contract Manager

Business Development Manager

Project Manager

Facility Manager

Department Head

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Authors

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