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.
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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
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
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
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