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Termination Of Retainer

Termination Of Retainer Template for New Zealand

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Key Requirements PROMPT example:

Termination Of Retainer

"I need a Termination of Retainer agreement to end our IT consulting services arrangement with TechPro Solutions effective March 1, 2025, including provisions for a 30-day transition period and the transfer of all project documentation to our new service provider."

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Document background
The Termination of Retainer agreement is a crucial document used in New Zealand when parties wish to formally end an ongoing professional services arrangement. It is typically employed when either the service provider or client decides to conclude their professional relationship, or when the original purpose of the retainer has been fulfilled. This document addresses key aspects such as final fee settlements, handover of materials, confidentiality obligations, and mutual releases. It must comply with New Zealand legislation, including the Contract and Commercial Law Act 2017, Fair Trading Act 1986, and relevant professional regulations. The agreement provides clarity and protection for both parties during the termination process and helps prevent future disputes by clearly documenting the terms of separation.
Suggested Sections

1. Parties: Identification of the service provider and the client, including full legal names and contact details

2. Background: Brief overview of the existing retainer agreement, its commencement date, and the context for termination

3. Definitions: Key terms used throughout the agreement, including 'Retainer Agreement', 'Termination Date', 'Outstanding Fees', and 'Confidential Information'

4. Termination: Clear statement of the termination, specifying the effective date and mutual agreement of the parties

5. Final Fees and Expenses: Details of any outstanding fees, final invoicing, and payment terms

6. Return of Materials: Provisions for the return or transfer of client materials, documents, and data

7. Intellectual Property: Clarification of ownership and rights to any intellectual property created during the retainer

8. Confidentiality: Ongoing obligations regarding confidential information post-termination

9. Release and Discharge: Mutual release of claims and obligations, subject to specified exceptions

10. Execution: Signature blocks and execution requirements

Optional Sections

1. Transition Arrangements: Used when there needs to be a handover to a new service provider, including timeframes and cooperation requirements

2. Surviving Obligations: Include when specific obligations need to continue after termination, such as confidentiality or non-compete provisions

3. Dispute Resolution: Include when parties want to specify a particular dispute resolution process for any post-termination issues

4. Insurance and Liability: Include when there are specific ongoing insurance requirements or liability limitations that need to be addressed

5. References and Announcements: Include when parties want to agree on how the termination will be communicated to third parties or the public

Suggested Schedules

1. Schedule 1 - Outstanding Matters: List of incomplete matters or projects at the time of termination

2. Schedule 2 - Final Fee Calculation: Detailed breakdown of final fees, expenses, and any adjustments

3. Schedule 3 - Client Materials: Inventory of materials to be returned or transferred to the client

4. Appendix A - Original Retainer Agreement: Copy of the original retainer agreement being terminated

5. Appendix B - Handover Checklist: Checklist of tasks to be completed as part of the termination 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

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

Legal Services

Professional Services

Consulting

Accounting

Financial Services

Information Technology

Marketing and Advertising

Business Advisory

Healthcare

Engineering

Architecture

Relevant Teams

Legal

Compliance

Finance

Operations

Client Services

Business Development

Risk Management

Professional Services

Account Management

Contract Administration

Relevant Roles

Managing Partner

Legal Counsel

Contract Manager

Business Development Manager

Account Director

Chief Financial Officer

Professional Services Manager

Relationship Manager

Compliance Officer

Operations Manager

Project Manager

Service Delivery Manager

Client Services Director

Risk Manager

Industries
Contract and Commercial Law Act 2017: This Act provides the fundamental framework for contract formation, interpretation, and termination in New Zealand, which is essential for properly structuring the termination of a retainer agreement.
Lawyers and Conveyancers Act 2006: If the retainer involves legal services, this Act governs the professional obligations and conduct requirements for lawyers, including the proper handling of client relationships and termination of services.
Fair Trading Act 1986: This Act ensures fair trading practices and protects against misleading or deceptive conduct in trade, which applies to professional service agreements and their termination.
Consumer Guarantees Act 1993: This Act provides protection for consumers receiving services, including professional services, and sets out requirements for service quality and remedies.
Privacy Act 2020: Important for handling any personal information during the termination process and ensuring proper data management after the retainer ends.
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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