AGREEMENT FOR TERMINATION OF AGENCY RELATIONSHIP
This Agreement (the “Agreement”) is made and entered into on [Date], by and between:
PRINCIPAL:
[Principal’s Name]
[Principal’s Address]
Principal’s Contact Information
AGENT:
[Agent’s Name]
[Agent’s Address]
Agent’s Contact Information
Recitals
WHEREAS, the Principal and the Agent have entered into an agency relationship (the “Agency Relationship”) as set forth in the Agency Agreement dated Date;
WHEREAS, the Agency Relationship is defined by the terms and conditions contained in the Agreement;
WHEREAS, the Principal and the Agent wish to terminate the Agency Relationship in accordance with the provisions of this Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the Principal and the Agent agree as follows:
1. Termination of Agency Relationship
The Agency Relationship is hereby terminated effective Date, unless otherwise extended by mutual written agreement between the Principal and the Agent.
2. Duties and Obligations Upon Termination
a. The Agent agrees to fulfill any obligations to the Principal under the terms of the Agency Relationship that were incurred prior to the Termination Date and to complete any outstanding transactions in accordance with the terms of the Agreement.
b. The Principal agrees to provide the Agent with all necessary information to enable the Agent to fulfill its obligations under the Agency Relationship up to the Termination Date.
c. Upon termination of the Agency Relationship, the Agent shall deliver to the Principal all books, records, documents, and other property belonging to the Principal.
3. Compensation and Indemnification
a. The Principal agrees to pay the Agent any compensation due under the terms of the Agreement for services rendered up to the Termination Date.
b. The Agent agrees to indemnify and hold harmless the Principal from any liability, claim, demand, action, or proceeding arising out of or in connection with the Agency Relationship, except to the extent arising out of the Principal’s negligence or willful misconduct.
4. Non-Disparagement and Confidentiality
a. Both parties agree not to make disparaging remarks or statements about the other to any third party during and after the term of the Agency Relationship.
b. The parties agree to maintain the confidentiality of all proprietary information of the other party obtained during the Agency Relationship.
5. Governing Law and Jurisdiction
This Agreement shall be governed by and construed in accordance with the laws of [State/Country]. Any disputes arising out of or in connection with this Agreement shall be resolved in the courts of [City/State/Country].
6. Entire Agreement
This Agreement constitutes the entire agreement between the Principal and the Agent regarding the termination of the Agency Relationship and supersedes all prior agreements, negotiations, understandings, or discussions, whether written or oral, of any nature.
IN WITNESS WHEREOF, the Principal and the Agent have executed this Agreement as of the Effective Date first above written.
[Principal’s Signature]
[Principal’s Name]
[Principal’s Title/Position]
[Date]
[Agent’s Signature]
[Agent’s Name]
[Agent’s Title/Position]
[Date]
Disclaimer: This sample termination agreement is for informational purposes only and is not a substitute for legal advice. It is recommended that you consult with a qualified attorney to ensure that the agreement meets your specific needs and complies with applicable laws and regulations.