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Business Separation Agreement
"Need a Business Separation Agreement to formalize the division of our technology consulting firm in Singapore, with specific focus on IP rights for our proprietary software and the allocation of our client contracts, targeting completion by March 2025."
1. Parties: Identification of all parties involved in the separation, including legal entity details
2. Background: Context of the business relationship and reasons for separation
3. Definitions: Key terms used throughout the agreement
4. Asset Division: Detailed allocation of business assets between parties
5. Liabilities and Obligations: Distribution of existing debts and ongoing obligations
6. Confidentiality: Provisions for handling sensitive business information
7. Termination Process: Steps and timeline for business separation
1. Employee Matters: Treatment of employees during separation - include when employees are affected by the separation
2. Intellectual Property Rights: Division of IP assets and usage rights - include when IP assets exist
3. Non-Compete Provisions: Restrictions on future business activities - include when protecting market position is crucial
4. Customer Relationships: Allocation of customer accounts and relationships - include when customer base needs to be divided
1. Asset Schedule: Detailed list of physical and intangible assets being divided
2. Financial Schedule: Balance sheets and financial positions at separation
3. Employee Transfer Schedule: List of employees and their new assignments
4. Intellectual Property Schedule: Inventory of IP assets and their allocation
5. Timeline Schedule: Detailed implementation timeline for the separation
6. Contract Novation Schedule: List of contracts requiring novation or assignment
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