The Termination Of Supplier Contract is essential when a company needs to formally end a supplier relationship in Malaysia. This document is typically used when either party wishes to terminate the relationship due to various reasons such as contract completion, breach of terms, change in business requirements, or mutual agreement to end the relationship. It comprehensively addresses termination terms, outstanding obligations, final settlements, and post-termination responsibilities while ensuring compliance with Malaysian contract law. The document protects both parties' interests by clearly defining the termination process, financial settlements, property return, and ongoing obligations such as confidentiality. It's particularly crucial for maintaining proper documentation and legal compliance while managing supplier relationships in the Malaysian business context.
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1. Parties: Identification of the supplier and the company, including full legal names, registration numbers, and registered addresses
2. Background: Brief overview of the original supply agreement and the context leading to termination
3. Definitions: Key terms used throughout the termination agreement
4. Termination Date: Specific date when the supplier agreement will terminate and cease to have effect
5. Outstanding Obligations: Details of any pending deliveries, payments, or other obligations that need to be fulfilled before or after termination
6. Settlement Terms: Financial settlement including final payments, reconciliation of accounts, and handling of any disputes
7. Return of Property: Requirements for returning any company property, materials, or confidential information
8. Mutual Release: Release of both parties from future obligations under the original agreement, subject to specified exceptions
9. Surviving Obligations: Identification of clauses from the original agreement that will survive termination
10. Confidentiality: Ongoing obligations regarding confidential information and trade secrets
11. Governing Law: Confirmation of Malaysian law as the governing law and jurisdiction
1. Transition Assistance: Required when there needs to be a handover period or transition to a new supplier
2. Intellectual Property Rights: Needed when the supply relationship involved IP creation or licensing
3. Non-Compete Obligations: Include when there are post-termination competitive restrictions to be maintained
4. Employee Matters: Required when there are staff transfer or employee-related considerations
5. Warranty Claims: Include when there are ongoing warranty obligations that need to be addressed
6. Insurance: Needed when there are specific insurance requirements that continue post-termination
7. Dispute Resolution: Include when specific dispute resolution mechanisms need to be established for post-termination issues
1. Schedule 1 - Outstanding Payments: Detailed list of all pending payments and financial settlements
2. Schedule 2 - Pending Deliveries: List of any outstanding orders or deliveries to be completed
3. Schedule 3 - Company Property: Inventory of all company property to be returned
4. Schedule 4 - Transition Timeline: Detailed timeline for termination and transition activities
5. Appendix A - Original Agreement: Copy of the original supplier agreement being terminated
6. Appendix B - Settlement Calculation: Detailed calculation of final settlement amounts
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