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Termination Of Broker Agreement

Termination Of Broker Agreement Template for England and Wales

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Key Requirements PROMPT example:

Termination Of Broker Agreement

"I need a Termination of Broker Agreement to end our relationship with ABC Securities Ltd due to underperformance, with immediate effect from January 15, 2025, including specific provisions for handling trailing commissions on existing client accounts."

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Document background
A Termination of Broker Agreement is utilized when parties wish to formally end their broker-principal relationship before its natural conclusion or at the end of its term. This document, governed by English and Welsh law, is essential for clearly defining the termination process, managing outstanding obligations, addressing commission arrangements, and establishing post-termination duties. It ensures compliance with UK financial regulations while providing protection for both parties' interests and maintaining professional standards in the broker-principal relationship wind-down.
Suggested Sections

1. Parties: Identification of the contracting parties including full legal names and registered addresses

2. Background: Context of the original agreement and reason for termination, including reference to the original broker agreement

3. Definitions: Key terms used in the termination agreement including defined terms from the original agreement that remain relevant

4. Termination Date: Specific date when the broker agreement will terminate and confirmation of mutual agreement to terminate

5. Outstanding Obligations: Details of any remaining duties, payments, or responsibilities of either party up to the termination date

6. Return of Property: Requirements for returning documentation, materials, and other company property

Optional Sections

1. Transition Arrangements: Process for transferring clients or ongoing business to new brokers or service providers

2. Post-Termination Restrictions: Non-compete clauses, confidentiality obligations, and other ongoing restrictions following termination

3. Commission Arrangements: Treatment of trailing commissions, pending deals, and calculation of final payments

Suggested Schedules

1. Schedule of Outstanding Matters: Detailed list of incomplete transactions or pending business requiring attention

2. Schedule of Company Property: Comprehensive inventory of items, documents, and materials to be returned

3. Client Transfer Schedule: List of client accounts to be transferred or retained, including handling instructions

4. Commission Calculator: Formula and methodology for calculating any remaining or trailing commissions

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries
Relevant Teams
Relevant Roles
Industries

Financial Services and Markets Act 2000: Primary legislation governing financial services regulation in the UK, establishing the regulatory framework for brokers and financial intermediaries

Financial Services Act 2012: Updates and amends FSMA 2000, particularly regarding regulatory bodies and their powers in financial services

Consumer Rights Act 2015: Legislation protecting consumer rights, relevant if the broker agreement involves consumer clients

FCA Regulations: Regulatory framework established by the Financial Conduct Authority, including the FCA Handbook, COBS, PRIN, and SUP manuals

Law of Property Act 1925: Fundamental property law legislation, particularly relevant for real estate broker agreements

Contract Terms Act 1977: Legislation governing unfair terms in contracts, ensuring balance and fairness in termination clauses

UK GDPR: Data protection legislation governing how personal data must be handled during and after the termination of the agreement

Data Protection Act 2018: UK's implementation of data protection requirements, working alongside UK GDPR

Proceeds of Crime Act 2002: Anti-money laundering legislation affecting broker obligations and termination procedures

Money Laundering Regulations 2017: Specific regulations regarding anti-money laundering procedures and obligations for brokers

Employment Rights Act 1996: Employment law considerations if the broker could be classified as a worker rather than an independent contractor

Common Law Principles: Established case law principles regarding contract termination, reasonable notice, and agency relationships

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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