The Termination Of Sales Contract is used when parties mutually agree to end their sales relationship or when termination becomes necessary due to specific circumstances. This document, governed by Singapore law, provides a clear framework for ending the contractual relationship while protecting both parties' interests. It addresses key aspects such as outstanding payments, delivery obligations, mutual releases, and surviving obligations. The document ensures compliance with Singapore's Contract Act, Sale of Goods Act, and relevant commercial legislation, providing legal certainty for all parties involved.
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Key Requirements PROMPT example:
Termination Of Sales Contract
"I need a Termination Of Sales Contract to end our software distribution agreement with TechCorp Asia Ltd, ensuring all outstanding license fees are settled and source code is returned by March 2025."
1. Parties: Identification of contracting parties and their details
2. Background: Reference to original contract and circumstances leading to termination
3. Definitions: Key terms used in the termination agreement
4. Termination: Express termination clause and effective date
5. Mutual Release: Release of parties from future obligations
6. Settlement of Outstanding Obligations: Treatment of pending payments or deliveries
1. Survival Clauses: Provisions that continue after termination, used when certain obligations need to continue post-termination
2. Return of Property: Process for returning assets or materials, used when physical items or intellectual property need to be returned
3. Confidentiality: Ongoing confidentiality obligations, used when sensitive information was shared during the contract
1. Original Contract: Copy of the contract being terminated
2. Outstanding Payments Schedule: List of any remaining financial obligations
3. Inventory List: List of items to be returned or disposed of, applicable when physical goods are involved
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