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Termination Of License Agreement

Termination Of License Agreement Template for New Zealand

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Key Requirements PROMPT example:

Termination Of License Agreement

"I need a Termination of License Agreement for immediately ending a software licensing arrangement with my current vendor due to repeated breaches of service levels, with specific provisions for data migration and protection of customer information."

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Document background
The Termination of License Agreement is a crucial document used when parties wish to formally end their existing licensing arrangement before its natural expiration or as agreed upon by both parties. This document is particularly relevant in New Zealand's legal framework, where it must comply with the Contract and Commercial Law Act 2017 and other relevant legislation. It's typically used when parties need to cease their licensing relationship due to various circumstances such as breach of terms, mutual agreement, or strategic business decisions. The document addresses critical aspects including the termination date, outstanding payments, handling of licensed materials, confidentiality obligations, and surviving provisions. It provides legal protection for both parties by clearly defining their rights and obligations during and after the termination process, while ensuring compliance with New Zealand's legal requirements.
Suggested Sections

1. Parties: Identification of the licensor and licensee, including full legal names, registered addresses, and company numbers if applicable

2. Background: Brief overview of the original license agreement, its purpose, and the reason for termination

3. Definitions: Key terms used in the agreement, including reference to definitions from the original license agreement

4. Termination Date: Specific date when the license agreement will be terminated

5. Acknowledgment of Termination: Mutual acknowledgment by both parties that the license agreement is being terminated

6. Outstanding Obligations: Details of any payments, royalties, or other obligations that must be fulfilled before or after termination

7. Return or Destruction of Materials: Requirements for handling licensed materials, software, documentation, or other assets post-termination

8. Confidentiality: Continuation of confidentiality obligations post-termination

9. Surviving Provisions: Identification of clauses from the original agreement that will survive termination

10. Release and Waiver: Mutual release from future claims related to the license agreement

11. Governing Law: Confirmation that New Zealand law governs the termination agreement

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Transition Period: Used when a period is needed for transitioning away from licensed materials or systems

2. Intellectual Property Rights: Include when specific IP arrangements need to be addressed post-termination

3. Non-Compete Obligations: Used when post-termination competitive restrictions need to be specified

4. Customer/Client Transfer: Include when arrangements for transferring customers or clients need to be detailed

5. Dispute Resolution: Used when specific dispute resolution procedures for post-termination issues need to be established

6. Insurance Requirements: Include when ongoing insurance obligations exist post-termination

7. Public Announcements: Used when parties need to agree on how to communicate the termination to third parties

Suggested Schedules

1. Schedule 1 - Original License Agreement: Copy or reference to the original license agreement being terminated

2. Schedule 2 - Outstanding Payments: Detailed list of any pending payments or financial settlements

3. Schedule 3 - Licensed Materials: Comprehensive list of materials to be returned or destroyed

4. Schedule 4 - Handover Protocol: Detailed procedures for transitioning or winding down licensed activities

5. Appendix A - Confirmation of Destruction: Template form for certifying destruction of licensed materials

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




















Clauses




















Relevant Industries

Technology

Software

Manufacturing

Intellectual Property

Media and Entertainment

Pharmaceuticals

Biotechnology

Healthcare

Retail

Education

Research and Development

Telecommunications

Relevant Teams

Legal

Compliance

Intellectual Property

Commercial

Business Development

Operations

Finance

Risk Management

Corporate Affairs

Information Technology

Relevant Roles

Legal Counsel

Licensing Manager

Contract Manager

Intellectual Property Manager

Business Development Manager

Commercial Director

Chief Legal Officer

Compliance Officer

General Counsel

Operations Manager

Project Manager

Chief Executive Officer

Chief Technology Officer

Chief Financial Officer

Industries





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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