Business Contract Termination Acceptance Letter Template for Singapore

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Key Requirements PROMPT example:

Business Contract Termination Acceptance Letter

"I need a Business Contract Termination Acceptance Letter for our Singapore tech company accepting the termination of our software development agreement with FastTech Solutions, with an effective termination date of March 15, 2025, including provisions for the return of source code and ongoing confidentiality obligations."

Document background
The Business Contract Termination Acceptance Letter is a crucial document used when formally responding to a contract termination request under Singapore law. It serves to document the accepting party's agreement to terminate the existing business relationship, specify the termination date, and outline any remaining obligations or conditions. This document is essential for maintaining clear business records, ensuring legal compliance, and preventing future disputes. It should be drafted in accordance with Singapore contract law principles and may need to address specific industry regulations depending on the nature of the original contract.
Suggested Sections

1. Recipient Details: Full company name, address, and relevant contact person

2. Reference Information: Original contract details, dates, and reference numbers

3. Confirmation of Termination: Clear statement accepting the termination request and acknowledging receipt

4. Effective Date: Specific date when termination becomes effective

5. Outstanding Obligations: Statement regarding any remaining duties, payments, or responsibilities

Optional Sections

1. Transition Arrangements: Details of handover process and timeline, used when service continuity is critical

2. Asset Return: Instructions and timeline for returning company property or materials

3. Confidentiality Reminder: Restatement of ongoing confidentiality obligations post-termination

4. Mutual Release: Statement of mutual release from future claims, when agreed by both parties

Suggested Schedules

1. Settlement Statement: Detailed breakdown of final payments or financial settlements

2. Asset Inventory: Comprehensive list of items to be returned or transferred between parties

3. Original Termination Notice: Copy of the original termination request being responded to

4. Final Account Statement: Statement showing all outstanding amounts and final settlements

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

Industries

Singapore Contract Law: Common law principles governing contract formation, performance, and termination in Singapore

Contracts (Rights of Third Parties) Act 2001: Legislation governing the rights of third parties in contractual relationships

Electronic Transactions Act: Laws governing electronic contracts and digital signatures in Singapore

Companies Act (Cap. 50): Legislation governing corporate authority and execution of documents, including requirements for company representatives' authority to terminate contracts

Civil Law Act (Cap. 43): General provisions governing contractual relationships and requirements for written notices

Limitation Act (Cap. 163): Legislation specifying time limits for claims arising from contract termination

Industry-Specific Regulations: Regulatory requirements specific to the industry regarding contract termination and compliance

Acknowledgment Requirements: Legal requirements for clear acknowledgment of termination and effective termination date

Outstanding Obligations: Legal provisions regarding handling of outstanding obligations, liabilities, and mutual release of claims

Confidentiality Provisions: Legal requirements for maintaining confidentiality obligations post-termination

Property Return Requirements: Legal obligations regarding the return of property/materials upon contract termination

Survival Clauses: Legal provisions regarding which contractual obligations survive after termination

Settlement Terms: Legal requirements for payment terms and final settlement arrangements in contract termination

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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