Termination Of Management Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Termination Of Management Agreement

"I need a Termination of Management Agreement under Hong Kong law for my property management company to end its contract with Golden Tower Holdings Ltd, with specific provisions for a 3-month transition period starting March 1, 2025, and detailed handover requirements for building maintenance records."

Document background
The Termination of Management Agreement is essential when parties wish to formally end their existing management arrangement before its natural expiration or in accordance with its terms. This document is commonly used in Hong Kong's business environment when there is a need to change management providers, restructure operations, or conclude a management relationship due to various business reasons. It should be used when parties require a clear record of the termination terms, including final settlements, handover procedures, and ongoing obligations. The document must comply with Hong Kong law and typically includes provisions for financial settlements, confidentiality, non-compete clauses (if applicable), and the return of company property. It's particularly important in regulated industries or when significant assets or sensitive information are involved in the management arrangement.
Suggested Sections

1. Parties: Identification of all parties to the termination agreement, including the original management agreement parties

2. Background: Brief recital of the original management agreement and circumstances leading to termination

3. Definitions: Definitions of key terms used in the termination agreement, including reference to definitions from the original agreement

4. Termination Date: Specific date and time when the management agreement will terminate

5. Mutual Release: Provisions for mutual release of claims and obligations between the parties

6. Settlement of Accounts: Details of final payments, reconciliation of accounts, and financial settlements

7. Return of Property: Requirements for return of company property, documents, and data

8. Confidentiality Obligations: Ongoing confidentiality obligations post-termination

9. Non-Disparagement: Mutual agreements regarding non-disparagement

10. Surviving Provisions: Identification of provisions from original agreement that survive termination

11. Governing Law and Jurisdiction: Confirmation of Hong Kong law and jurisdiction

12. Entire Agreement: Standard entire agreement clause

13. Execution: Signature blocks and execution details

Optional Sections

1. Transition Services: Required when there needs to be a handover period or transition of management services

2. Non-Compete Obligations: Include when there are post-termination competitive restrictions

3. Third Party Rights: Required when third parties have rights under the original agreement that need addressing

4. Tax Provisions: Include when there are specific tax implications or requirements to be addressed

5. Insurance: Include when there are specific insurance matters to be addressed post-termination

6. Dispute Resolution: Optional detailed dispute resolution procedures beyond standard jurisdiction clause

7. Public Announcements: Include when parties need to agree on public communications about the termination

Suggested Schedules

1. Schedule 1 - Original Management Agreement: Copy or details of the agreement being terminated

2. Schedule 2 - Settlement Calculations: Detailed breakdown of final payments and financial settlements

3. Schedule 3 - Company Property Inventory: List of all property and materials to be returned

4. Schedule 4 - Transition Plan: If applicable, detailed plan for transition of management services

5. Schedule 5 - Outstanding Obligations: List of any continuing obligations or responsibilities

6. Appendix A - Form of Public Announcement: If applicable, agreed form of any public statements

7. Appendix B - Handover Documentation: Templates or forms for documenting the handover process

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

Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Financial Services

Investment Management

Professional Services

Hospitality

Retail

Commercial Property

Healthcare

Education

Manufacturing

Technology

Construction

Asset Management

Facilities Management

Relevant Teams

Legal

Operations

Finance

Compliance

Risk Management

Corporate Services

Business Development

Asset Management

Property Management

Contract Administration

Executive Management

Company Secretarial

Relevant Roles

Chief Executive Officer

Managing Director

Chief Operating Officer

Legal Counsel

Company Secretary

Operations Director

Facility Manager

Property Manager

Asset Manager

Contract Manager

Business Development Director

Chief Financial Officer

Risk Manager

Compliance Officer

General Manager

Portfolio Manager

Fund Director

Corporate Services 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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