Termination Of Agency Agreement And Release Form for the United Kingdom

Termination Of Agency Agreement And Release Form Template for England and Wales

A legal document governed by English and Welsh law that formally terminates an existing agency relationship between a principal and their agent. It includes provisions for the mutual release of claims, settlement of outstanding payments, return of property, and ongoing obligations. The document ensures compliance with the Commercial Agents Regulations 1993 and related legislation, providing clarity and protection for both parties during the termination process.

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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 under English and Welsh law. It's typically used when either the principal or agent wishes to terminate their arrangement, or when both parties mutually agree to end their relationship. The document addresses crucial elements including final commission payments, handover of materials, confidentiality obligations, and potential compensation under the Commercial Agents Regulations 1993. It provides legal certainty and protection for both parties by clearly defining the terms of separation and mutual releases.

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

1. Parties: Identification of Principal and Agent with full legal details

2. Background: Reference to original agency agreement and reason for termination

3. Definitions: Key terms used in the agreement

4. Termination Date: Specific date when agency relationship ends

5. Mutual Release: Release of claims between parties

6. Outstanding Payments: Settlement of commission and other payments

7. Return of Property: Provisions for return of materials and property

8. Confidentiality: Ongoing confidentiality obligations

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

1. Transition Arrangements: Used when handover period is required for complex agency relationships requiring transition

2. Post-Termination Restrictions: Non-compete and non-solicitation provisions for protecting business interests

3. Compensation/Indemnity: Additional payments under Commercial Agents Regulations when agent qualifies for statutory compensation

4. Survival Clauses: Provisions that continue after termination when certain obligations need to survive

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

1. Schedule of Outstanding Commissions: Detailed list of pending commissions and payment terms

2. Property Inventory: List of items to be returned to principal

3. Customer Transfer Schedule: Details of customer accounts to be transferred

4. Original Agency Agreement: Copy of the agreement being terminated

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

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What is a Termination Of Agency Agreement And Release Form?

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

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

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

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Alex Denne

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