The Termination Of Sales Representative Agreement is utilized when a company needs to formally end its relationship with a sales representative in Singapore. This document is crucial for businesses operating under Singapore's legal framework, particularly when managing their sales force and distribution networks. It addresses key aspects such as final settlements, handover procedures, and post-termination obligations while ensuring compliance with local agency and contract laws. The agreement helps protect both parties' interests by clearly defining the termination terms, outstanding payments, and ongoing obligations regarding confidentiality and customer relationships.
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1. Parties: Identification of contracting parties and their details
2. Background: Context of the agreement and reason for termination
3. Definitions: Key terms used tHRoughout the agreement
4. Termination Date: Effective date of termination and notice periods
5. Final Payments: Settlement of outstanding commissions and payments
6. Return of Property: Process for returning company property and materials
7. Confidentiality Obligations: Ongoing confidentiality requirements post-termination
1. Transition Period: Terms for handover period when there's a need for smooth transition of accounts
2. Non-Compete Provisions: Restrictions on future competitive activities when protecting market share is crucial
3. Dispute Resolution: Specific procedures for resolving disputes when parties want to specify alternative dispute resolution methods
4. Customer Communication: Terms for notifying customers about the termination when managing customer relationships is crucial
1. Schedule of Outstanding Commissions: List of pending commissions and payment schedule
2. Company Property Inventory: List of items to be returned to the company
3. Customer Account List: List of customers managed by the representative
4. Termination Calculation Sheet: Detailed breakdown of final payments and deductions
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