Termination Deed Template for Malaysia

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Key Requirements PROMPT example:

Termination Deed

"I need a Termination Deed to end a manufacturing and distribution agreement with our Malaysian supplier, ensuring the return of our proprietary equipment and maintaining confidentiality of trade secrets after termination."

Document background
A Termination Deed is a crucial legal instrument used when parties wish to formally end their contractual relationship under Malaysian law. This document is particularly relevant when there is a need to document the mutual agreement to terminate, establish clear terms for separation, and ensure all loose ends are properly tied up. The deed becomes necessary in various scenarios, such as early termination of commercial contracts, conclusion of joint ventures, or ending of business partnerships. It provides comprehensive coverage of key aspects including the effective date of termination, settlement of accounts, return of property, and surviving obligations. The Termination Deed must comply with Malaysian legal requirements, including those under the Contracts Act 1950, and may need to be properly stamped under the Stamp Act 1949 to be admissible in Malaysian courts.
Suggested Sections

1. Parties: Identification of all parties to the termination deed, including their full legal names, registration numbers (if companies), and registered addresses

2. Background: Recitals explaining the original agreement being terminated, its date, and the circumstances leading to termination

3. Definitions: Definitions of key terms used in the deed, including reference to the Original Agreement and any related documents

4. Termination: Clear statement of termination of the original agreement and the effective date of termination

5. Release and Discharge: Mutual release of parties from obligations under the original agreement and discharge of future liabilities

6. Settlement of Outstanding Amounts: Provisions dealing with any outstanding payments, refunds, or financial settlements between the parties

7. Return of Property: Requirements for return of any property, documents, or confidential information

8. Surviving Obligations: Identification of any provisions from the original agreement that will survive termination

9. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction for disputes

10. Execution: Formal execution block for signing by all parties

Optional Sections

1. Non-Disparagement: Used when parties wish to include mutual obligations not to make negative statements about each other after termination

2. Confidentiality: Used when there is sensitive information involved and parties need to maintain confidentiality post-termination

3. Tax Provisions: Required when the termination involves significant financial settlements or tax implications

4. Further Assurance: Used when parties may need to execute additional documents or take further actions to give effect to the termination

5. Intellectual Property Rights: Included when the original agreement involved IP rights that need to be addressed upon termination

6. Employee Matters: Required when termination affects employment relationships or requires transfer of employees

7. Third Party Rights: Needed when the termination affects rights of third parties under the original agreement

Suggested Schedules

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

2. Schedule 2 - Outstanding Amounts: Detailed list of any outstanding payments, refunds, or financial settlements

3. Schedule 3 - Property to be Returned: Itemized list of property, documents, or materials to be returned by each party

4. Schedule 4 - Surviving Provisions: Detailed list of provisions from original agreement that will survive termination

5. Appendix A - Form of Release: Template of any additional release documents to be executed

6. Appendix B - Settlement Calculation: Detailed calculations of any settlement amounts or financial adjustments

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 Industries

Manufacturing

Real Estate

Technology

Financial Services

Professional Services

Healthcare

Education

Retail and Consumer

Construction

Energy and Utilities

Telecommunications

Transportation and Logistics

Agriculture

Mining and Resources

Media and Entertainment

Relevant Teams

Legal

Compliance

Commercial

Business Development

Operations

Human Resources

Risk Management

Corporate Secretarial

Finance

Executive Leadership

Procurement

Contract Administration

Relevant Roles

Legal Counsel

Contract Manager

Chief Legal Officer

Company Secretary

Business Development Manager

Commercial Director

Chief Executive Officer

Chief Operating Officer

Risk Manager

Compliance Officer

Human Resources Director

Project Manager

Partnership Manager

Operations Director

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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