The Termination of Broker Agreement is essential when parties wish to formally end their broker relationship under German law. This document is typically used when either the principal or broker decides to terminate their business relationship, whether by mutual agreement or unilateral decision within contractual terms. It must comply with German legal requirements, particularly provisions of the German Civil Code (BGB) and Commercial Code (HGB) regarding broker relationships, notice periods, and potential compensation claims. The agreement addresses crucial aspects such as outstanding commissions, handling of confidential information, customer relationships, and post-contractual obligations. It's particularly important to ensure all legal requirements are met while maintaining clear commercial terms that protect both parties' interests during and after the termination process.
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1. Parties: Identification of the principal and broker, including full legal names and addresses
2. Background: Reference to the original broker agreement, its date, and any relevant amendments
3. Definitions: Key terms used in the termination agreement, including reference to defined terms from the original agreement that remain relevant
4. Termination: Clear statement of termination, effective date, and whether it's immediate or with notice period
5. Outstanding Commissions: Treatment of any earned but unpaid commissions and mechanism for final commission calculations
6. Handover of Documents: Requirements for return of any business documents, client lists, or confidential information
7. Mutual Release: Release of claims between parties, subject to exceptions specified in the agreement
8. Continuing Obligations: Identification of which obligations from the original agreement survive termination (e.g., confidentiality, non-compete)
9. Governing Law: Confirmation of German law as governing law and jurisdiction for disputes
1. Transition Period: Used when there needs to be a handover period or completion of ongoing transactions
2. Compensation Claim: Required if the broker qualifies for and is claiming compensation under §89b HGB
3. Customer Notification: Include when there are specific requirements or procedures for informing customers about the termination
4. Non-Compete Obligations: Include when post-termination competitive restrictions are being imposed or modified
5. Settlement Payment: Used when there is a negotiated settlement payment beyond standard commissions
6. Dispute Resolution: Include when parties want to specify particular dispute resolution mechanisms
7. Data Protection: Include when there are specific arrangements needed for handling personal data post-termination
1. Schedule of Outstanding Transactions: List of pending transactions and their status for commission purposes
2. Schedule of Outstanding Commissions: Detailed listing of all unpaid commissions and calculation methodology
3. Customer Transfer Schedule: List of customers and agreed handling/transfer arrangements
4. Handover Checklist: Detailed list of documents, materials, and information to be returned
5. Settlement Calculation: If applicable, detailed calculation of any settlement or compensation payment
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Relevant Teams
Legal
Commercial
Sales
Compliance
Finance
Operations
Business Development
Risk Management
Broker Relations
Account Management
Relevant Roles
Legal Counsel
Commercial Director
Business Development Manager
Sales Director
Broker Relations Manager
Compliance Officer
Contract Manager
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Chief Financial Officer
Risk Manager
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