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Contract Early Termination
"I need a Contract Early Termination document for a software development service agreement with our vendor, to be effective from March 1, 2025, with a 60-day transition period and provisions for knowledge transfer and data handover."
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You keep IP ownership of your information
1. Parties: Identification of all parties to the contract, including their full legal names, addresses, and registration numbers where applicable
2. Background: Context of the original agreement and the circumstances leading to early termination
3. Definitions: Key terms used throughout the termination agreement
4. Effective Date of Termination: Specific date when the termination becomes effective
5. Grounds for Termination: Legal basis and specific reasons for the early termination
6. Outstanding Obligations: List of any remaining obligations that must be fulfilled by either party
7. Settlement of Accounts: Financial settlements, including any termination fees or final payments
8. Return of Property: Requirements for returning any physical or intellectual property
9. Confidentiality: Ongoing obligations regarding confidential information
10. Release and Waiver: Mutual release of claims related to the original agreement
11. Surviving Provisions: Clauses from the original agreement that will continue after termination
12. Governing Law: Confirmation of Indonesian law as the governing law
13. Execution: Signature blocks and execution requirements
1. Non-Compete Obligations: Continuation or modification of any non-compete provisions, used when the original agreement contained such provisions
2. Employee Transfers: Provisions regarding the transfer or treatment of employees, used in business or service agreements
3. Intellectual Property Rights: Specific provisions for IP ownership and licensing post-termination, used when IP is involved
4. Insurance and Indemnities: Specific provisions about ongoing insurance obligations or indemnities, used in high-risk contracts
5. Transition Assistance: Requirements for transition support, used in service agreements or complex business relationships
6. Public Announcements: Requirements for public communications about the termination, used for significant commercial relationships
1. Schedule 1 - Financial Settlement Statement: Detailed breakdown of all financial settlements, including calculations
2. Schedule 2 - Property Inventory: List of all physical and digital assets to be returned or transferred
3. Schedule 3 - Outstanding Obligations Checklist: Detailed list of remaining obligations and their completion status
4. Appendix A - Original Agreement: Copy of the original agreement being terminated
5. Appendix B - Handover Protocol: Detailed procedures for any required handover activities
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