Termination Of Agency Agreement And Release Form for Australia

Termination Of Agency Agreement And Release Form Template for Australia

A comprehensive legal document governed by Australian law that formally terminates an existing agency relationship between a principal and an agent. The document includes provisions for mutual release of obligations, settlement of outstanding matters, and post-termination arrangements. It complies with Australian commercial law requirements, including relevant state-specific regulations and the Australian Consumer Law. The agreement ensures clear documentation of the termination process while protecting both parties' interests through specific release clauses and transitional arrangements.

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What is a Termination Of Agency Agreement And Release Form?

The Termination of Agency Agreement and Release Form is a essential legal document used in Australian business contexts when parties wish to formally end an existing agency relationship. It is particularly relevant when there is a need to clearly document the termination of authority, settle any outstanding obligations, and provide mutual releases to prevent future claims. This document type is commonly used across various industries and is structured to comply with Australian federal and state legislation, including the Competition and Consumer Act 2010 and relevant state-specific commercial laws. It includes key provisions for the termination date, settlement of accounts, return of property, and ongoing obligations such as confidentiality. The form is designed to protect both principals and agents while ensuring a clean break in their professional relationship.

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

1. Parties: Identifies and defines all parties to the agreement, including the Principal and Agent

2. Background: Recitals explaining the existing agency relationship, reference to the original agreement, and the parties' desire to terminate

3. Definitions: Defines key terms used throughout the agreement

4. Termination: Specifies the effective date of termination and confirms mutual agreement to terminate

5. Mutual Release: Details the mutual release of claims, obligations, and liabilities between parties

6. Outstanding Obligations: Addresses any remaining payments, commissions, or obligations that need to be settled

7. Return of Property: Requirements for returning any documentation, materials, or property belonging to either party

8. Confidentiality: Ongoing obligations regarding confidential information post-termination

9. Non-Disparagement: Agreement not to make negative statements about the other party

10. Governing Law: Specifies that Australian law governs the agreement and identifies relevant jurisdiction

11. Execution: Signature blocks and execution requirements

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

1. Transition Period: Used when a handover period is required to ensure smooth transition of responsibilities

2. Survival Clauses: Identifies which provisions from the original agreement survive termination

3. Non-Compete: Include when post-termination competitive restrictions are required

4. Intellectual Property: Used when IP rights need to be addressed post-termination

5. Insurance: Include when specific insurance obligations continue post-termination

6. Dispute Resolution: Optional detailed dispute resolution procedures

7. Third Party Rights: Used when the termination affects rights of third parties

8. Tax Implications: Include when specific tax considerations need to be addressed

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

1. Schedule 1 - Original Agency Agreement: Copy or details of the original agency agreement being terminated

2. Schedule 2 - Outstanding Matters: List of pending transactions, commissions, or matters to be resolved

3. Schedule 3 - Property Inventory: Detailed list of items to be returned or transferred between parties

4. Appendix A - Calculation of Final Payments: Details of any final payment calculations or commission structures

5. Appendix B - Handover Checklist: Checklist of tasks and items for completion during termination process

Authors

Alex Denne

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

Jurisdiction

Australia

Publisher

Genie AI

Document Type

Release Agreement

Cost

Free to use
Relevant Industries

Real Estate

Insurance

Financial Services

Manufacturing

Retail

Import/Export

Professional Services

Construction

Healthcare

Technology

Agriculture

Mining

Tourism

Transport and Logistics

Relevant Teams

Legal

Commercial

Compliance

Operations

Sales

Business Development

Risk Management

Corporate Governance

Contract Administration

Executive Leadership

Relevant Roles

Commercial Director

Business Development Manager

Legal Counsel

Contracts Manager

Company Secretary

Chief Executive Officer

Operations Manager

Sales Director

Procurement Manager

Compliance Officer

Risk Manager

General Manager

Managing Director

Agency Principal

Commercial Manager

Industries
Australian Consumer Law (Schedule 2 of the Competition and Consumer Act 2010): Provides the fundamental framework for consumer protection and fair trading practices in Australia, including regulations on unfair contract terms and consumer guarantees that may affect agency relationships
Competition and Consumer Act 2010 (Cth): Governs business conduct and competition law, including provisions that may affect exclusive agency arrangements and commercial relationships
Corporations Act 2001 (Cth): Contains provisions relevant to agency relationships involving corporations, including authority of agents and corporate responsibilities
State Fair Trading Acts: State-specific legislation that supplements the Australian Consumer Law and may contain additional requirements for agency relationships in each jurisdiction
Common Law of Agency: The body of case law that establishes principles of agency relationships, including formation, termination, and obligations between principals and agents
Contract Law Act 1970 (NSW) and equivalent state legislation: Governs the formation, interpretation, and enforcement of contracts, including provisions specific to termination of agreements
Property and Stock Agents Act 2002 (NSW) and equivalent state legislation: Specific regulations for real estate and business agents, including requirements for termination of agency agreements in property transactions
Electronic Transactions Act 1999 (Cth): Relevant for electronic execution of termination agreements and associated documentation
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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