The Termination of Agency Agreement and Release is a critical document used when parties wish to formally end their agency relationship in Nigeria. It's particularly important when there's a need to clearly document the cessation of the agency relationship, settle all outstanding matters, and ensure both parties are protected from future claims. This document type is commonly used in situations where business relationships need to be concluded amicably, whether due to strategic changes, performance issues, or mutual agreement to end the relationship. The agreement must comply with Nigerian contract law and commercial agency regulations, addressing key aspects such as final commission payments, customer transitions, confidentiality obligations, and the return of business assets. It typically includes comprehensive release clauses to prevent future disputes and clearly defined post-termination obligations.
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1. Parties: Identification of the Principal and Agent, including full legal names and addresses
2. Background: Recitals explaining the existing agency agreement, its date, and the parties' desire to terminate
3. Definitions: Definitions of key terms used throughout the agreement
4. Termination: Clear statement of termination and effective date
5. Settlement of Accounts: Details of final commission payments, outstanding invoices, and financial settlements
6. Mutual Release: Mutual release of claims and liabilities between parties
7. Return of Property: Obligations regarding return of documents, materials, and other property
8. Confidentiality: Ongoing obligations regarding confidential information
9. Non-Solicitation: Restrictions on soliciting customers or employees post-termination
10. Governing Law: Specification of Nigerian law as governing law
11. Entire Agreement: Standard entire agreement clause
12. Execution: Signature blocks and execution details
1. Intellectual Property Rights: Provisions dealing with any IP rights, particularly relevant if the agent has been using the principal's trademarks or other IP
2. Transition Arrangements: Procedures for transitioning customers or business to the principal or new agent
3. Dispute Resolution: Specific dispute resolution procedures, if parties want to specify mediation or arbitration
4. Insurance: Provisions regarding maintenance of insurance coverage post-termination
5. Tax Provisions: Specific tax-related provisions if there are complex tax implications
6. Employee Matters: Provisions dealing with employees if the agency employed staff for the principal's business
1. Schedule 1 - Existing Agency Agreement: Copy or details of the original agency agreement being terminated
2. Schedule 2 - Outstanding Commissions: Detailed list of all outstanding commissions and payment arrangements
3. Schedule 3 - Property Inventory: List of all properties, materials, and documents to be returned
4. Schedule 4 - Customer List: List of customers and ongoing transactions requiring transition
5. Schedule 5 - Settlement Statement: Detailed financial statement showing all settlements, payments, and adjustments
Relevant legal definitions
Agency Agreement
Agent
Business Day
Confidential Information
Effective Date
Intellectual Property Rights
Outstanding Commissions
Principal
Products
Release
Settlement Amount
Termination Date
Territory
Transition Period
Customer Accounts
Party/Parties
Claims
Commission Period
Property
Representatives
Business Records
Trade Secrets
Governing Law
Force Majeure
Existing Contracts
Release Period
Settlement Statement
Working Hours
Agent
Business Day
Confidential Information
Effective Date
Intellectual Property Rights
Outstanding Commissions
Principal
Products
Release
Settlement Amount
Termination Date
Territory
Transition Period
Customer Accounts
Party/Parties
Claims
Commission Period
Property
Representatives
Business Records
Trade Secrets
Governing Law
Force Majeure
Existing Contracts
Release Period
Settlement Statement
Working Hours
Clauses
Interpretation
Termination
Settlement of Accounts
Release and Waiver
Confidentiality
Return of Property
Non-Competition
Non-Solicitation
Final Commission Payment
Outstanding Obligations
Mutual Release
Intellectual Property
Customer Transition
Post-Termination Obligations
Governing Law
Dispute Resolution
Further Assurance
Severability
Entire Agreement
Notices
Assignment
Force Majeure
Costs
Counterparts
Third Party Rights
Waiver
Indemnification
Survival
Compliance with Laws
Authority
Termination
Settlement of Accounts
Release and Waiver
Confidentiality
Return of Property
Non-Competition
Non-Solicitation
Final Commission Payment
Outstanding Obligations
Mutual Release
Intellectual Property
Customer Transition
Post-Termination Obligations
Governing Law
Dispute Resolution
Further Assurance
Severability
Entire Agreement
Notices
Assignment
Force Majeure
Costs
Counterparts
Third Party Rights
Waiver
Indemnification
Survival
Compliance with Laws
Authority
Relevant Industries
Retail
Manufacturing
Distribution
Import/Export
Real Estate
Insurance
Financial Services
Technology
Pharmaceuticals
Consumer Goods
Automotive
Agriculture
Construction
Energy
Telecommunications
Relevant Teams
Legal
Commercial
Sales
Business Development
Operations
Compliance
Corporate Secretariat
Risk Management
Contract Administration
Business Affairs
Relevant Roles
Commercial Director
Business Development Manager
Legal Counsel
Contracts Manager
Sales Director
Chief Executive Officer
Managing Director
Operations Manager
Compliance Officer
Company Secretary
Commercial Manager
Agency Relations Manager
Chief Legal Officer
Sales Operations Manager
Business Unit Head
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