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Termination Of Agency Agreement And Release Form for the United States

Termination Of Agency Agreement And Release Form Template for United States

A legally binding document used in the United States to formally end an agency relationship between a principal and an agent, while simultaneously providing mutual releases from future claims or obligations. The document outlines the terms of termination, including effective date, final settlements, return of property, and surviving obligations. It complies with U.S. federal and state agency laws, ensuring both parties are protected in the termination process.

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Termination Of Agency Agreement And Release Form

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What is a Termination Of Agency Agreement And Release Form?

The Termination Of Agency Agreement And Release Form is essential when parties wish to formally end their agency relationship while protecting themselves from future claims. This document is commonly used in the United States when business relationships need to be concluded cleanly and definitively. It addresses key aspects such as the termination date, final settlements, property return, and ongoing obligations. The form is particularly important in situations where significant authority or resources were delegated during the agency relationship, and where clear documentation of the termination is necessary for legal and business purposes.

What sections should be included in a Termination Of Agency Agreement And Release Form?

1. Parties: Identification of the Principal and Agent

2. Background: Brief description of the original agency agreement and reason for termination

3. Definitions: Key terms used in the agreement

4. Termination: Explicit statement of termination and effective date

5. Mutual Release: Release of claims and obligations between parties

6. Return of Property: Requirements for returning any property, documents, or materials

7. Surviving Obligations: Identification of any obligations that survive termination

What sections are optional to include in a Termination Of Agency Agreement And Release Form?

1. Transition Period: Terms for handover period if ongoing business needs require a transition period

2. Final Compensation: Terms for final payments or commissions when there are outstanding financial matters to resolve

3. Non-Compete: Post-termination competition restrictions when protecting business interests is crucial

4. Confidentiality: Ongoing confidentiality obligations when sensitive information was shared during the agency

What schedules should be included in a Termination Of Agency Agreement And Release Form?

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

2. Schedule B - Outstanding Matters: List of any pending transactions or matters requiring resolution

3. Schedule C - Property Register: List of property to be returned or transferred

4. Schedule D - Final Account Statement: Statement of final financial settlements between parties

Authors

Alex Denne

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

Jurisdiction

United States

Document Type

Release Agreement

Cost

Free to use
Clauses


















Industries

State Agency Laws: Laws specific to each state governing agency relationships, including termination notice periods, fiduciary duties and their termination, and state-specific requirements for release clauses

Contract Law: Includes Uniform Commercial Code (UCC) provisions, state contract law requirements, consideration requirements for valid releases, and requirements for mutual agreement to terminate

Employment Law: Considerations including Fair Labor Standards Act (FLSA), state employment termination laws, final compensation requirements, and non-compete and confidentiality considerations, when agency relationship involves employment elements

Business and Commercial Laws: State business regulations, requirements for winding up business relationships, and transfer or assignment of ongoing obligations

Release-Specific Requirements: Legal requirements for valid releases, including waiver of rights considerations, disclosure requirements, and consideration requirements for releases

Statute of Limitations: Time limits for claims and requirements for preserving certain rights in the context of agency termination and releases

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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