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Termination Of Business Relationship

Termination Of Business Relationship Template for New Zealand

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Key Requirements PROMPT example:

Termination Of Business Relationship

"I need a Termination of Business Relationship agreement to end a 5-year manufacturing and distribution partnership with our supplier in Auckland, including provisions for a 3-month transition period starting March 2025 and the transfer of specialized equipment."

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Document background
The Termination Of Business Relationship agreement is essential for businesses operating in New Zealand seeking to formally end their commercial relationships. This document is typically used when parties wish to conclude their business arrangement in a structured and amicable manner, whether due to strategic changes, completion of projects, or other commercial reasons. It encompasses crucial elements such as final financial settlements, asset disposition, ongoing obligations, and mutual releases. The agreement ensures compliance with New Zealand commercial law, including the Contract and Commercial Law Act 2017, Fair Trading Act 1986, and other relevant legislation. It's particularly valuable in preventing future disputes by clearly documenting the terms of separation and post-termination obligations.
Suggested Sections

1. Parties: Identification and details of all parties involved in the termination agreement

2. Background: Context of the existing business relationship and reasons for termination

3. Definitions: Defined terms used throughout the agreement

4. Effective Date of Termination: Specific date when the business relationship will officially end

5. Mutual Release: Release of claims and obligations between parties

6. Outstanding Obligations: Details of any remaining duties, payments, or deliverables to be completed

7. Confidentiality Obligations: Ongoing obligations regarding confidential information post-termination

8. Return of Property: Requirements for returning physical and intellectual property

9. Payment Settlement: Final payment terms and financial settlements

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

11. Governing Law: Confirmation of New Zealand law as governing law

12. Execution: Signature blocks and execution details

Optional Sections

1. Transition Services: Include when ongoing support or handover is required post-termination

2. Intellectual Property Rights: Include when there are specific IP rights to be addressed

3. Non-Compete Provisions: Include when restrictions on future business activities are necessary

4. Customer/Client Transfer: Include when there are shared customers or clients to be allocated

5. Employee Matters: Include when staff transfers or employment issues need to be addressed

6. Insurance and Indemnification: Include when specific risk allocation needs to be addressed

7. Dispute Resolution: Include when specific dispute resolution mechanisms are desired

8. Public Announcements: Include when the termination may require public disclosure or coordinated communications

Suggested Schedules

1. Schedule 1 - Outstanding Payments: Detailed list of all outstanding payments and payment schedules

2. Schedule 2 - Property Inventory: Comprehensive list of physical and digital assets to be returned

3. Schedule 3 - Transition Timeline: Detailed timeline for implementing the termination and transition

4. Schedule 4 - Contact Details: Key contact information for post-termination matters

5. Appendix A - Original Agreement Reference: Copy or summary of the original business agreement being terminated

6. Appendix B - Settlement Calculations: Detailed calculations for final settlements and adjustments

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions






























Clauses



























Relevant Industries

Retail

Manufacturing

Technology

Professional Services

Construction

Healthcare

Financial Services

Hospitality

Agriculture

Transportation

Education

Media and Entertainment

Real Estate

Energy

Telecommunications

Relevant Teams

Legal

Commercial

Procurement

Operations

Finance

Compliance

Risk Management

Business Development

Supply Chain

Corporate Affairs

Executive Leadership

Administration

Relevant Roles

Chief Executive Officer

Managing Director

Commercial Director

Legal Counsel

Business Development Manager

Procurement Manager

Operations Manager

Contract Manager

Supply Chain Manager

Relationship Manager

Chief Financial Officer

Company Secretary

Risk Manager

Compliance Officer

General Manager

Industries







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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