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Termination Of Agency Agreement

Termination Of Agency Agreement Template for New Zealand

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Key Requirements PROMPT example:

Termination Of Agency Agreement

"I need a Termination of Agency Agreement to end my real estate agency relationship with ABC Properties Ltd effective March 1, 2025, including provisions for outstanding commission on two pending property sales."

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Document background
The Termination of Agency Agreement is a crucial document used when parties wish to formally end their agency relationship in New Zealand. It is particularly relevant when either the principal or agent wants to conclude their business relationship, whether by mutual agreement or as stipulated in the original agency agreement. This document ensures compliance with New Zealand legislation, including the Real Estate Agents Act 2008, Contract and Commercial Law Act 2017, and Fair Trading Act 1986. It typically includes provisions for the termination date, handling of outstanding matters, commission arrangements, return of materials, and ongoing obligations. The agreement is essential for protecting both parties' interests and providing a clear framework for the orderly conclusion of the agency relationship.
Suggested Sections

1. Parties: Identifies all parties to the agreement, including the principal and the agent

2. Background: References the original agency agreement, its date, and the parties' desire to terminate the relationship

3. Definitions: Defines key terms used in the termination agreement

4. Termination Date: Specifies the effective date of termination

5. Outstanding Obligations: Details any remaining obligations of either party, including commission payments for pending transactions

6. Return of Materials: Specifies requirements for the return of any documentation, keys, or materials

7. Mutual Release: Contains mutual releases from future claims related to the agency agreement

8. Confidentiality: Confirms ongoing confidentiality obligations post-termination

9. Governing Law: Specifies New Zealand law as the governing law

10. Execution: Signature blocks and execution details for all parties

Optional Sections

1. Transition Arrangements: Used when there needs to be a handover period or specific transition requirements

2. Outstanding Commissions: Required when there are specific arrangements for handling commissions on pending transactions

3. Dispute Resolution: Include when parties wish to specify particular dispute resolution procedures

4. Non-Compete Provisions: Used when existing non-compete clauses need to be addressed or modified

5. Third Party Rights: Include when there are third parties whose rights need to be addressed in the termination

6. Survival Clauses: Used to explicitly state which provisions of the original agreement survive termination

Suggested Schedules

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

2. Schedule 2 - Outstanding Matters: List of any pending transactions or unresolved matters

3. Schedule 3 - Materials for Return: Itemized list of all materials, documents, and property to be returned

4. Appendix A - Financial Statement: Statement of any outstanding financial matters between the parties

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

Real Estate

Business Services

Professional Services

Commercial Property

Retail

Manufacturing

Import/Export

Distribution

Sales and Marketing

Financial Services

Relevant Teams

Legal

Compliance

Sales

Business Development

Operations

Commercial

Administration

Risk Management

Contract Administration

Executive Leadership

Relevant Roles

Real Estate Agent

Business Development Manager

Sales Director

Managing Director

Legal Counsel

Compliance Officer

Contract Manager

Commercial Director

Agency Principal

Business Owner

Sales Representative

Property Manager

Operations Manager

Chief Executive Officer

Industries
Real Estate Agents Act 2008: Primary legislation governing real estate agency relationships in New Zealand, including provisions for termination of agency agreements, obligations of parties, and notice requirements
Contract and Commercial Law Act 2017: Provides the general legal framework for contractual relationships, including principles of contract termination, notice requirements, and remedies
Fair Trading Act 1986: Ensures fair trading practices and consumer protection, relevant to the termination process and any associated fees or charges
Privacy Act 2020: Governs the handling of personal information, including requirements for data protection and privacy during and after the termination of the agency relationship
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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