Termination of Services Agreement: Definition, Terms, Example
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What is a Termination Of Services Agreement?
A termination of services agreement is a legal document that outlines the terms and conditions under which one party ends their relationship with a service provider. It typically includes an end date, how much money will be owed by either party and who is responsible for any outstanding financial obligations.
Termination of service agreements are used in many different contexts, including to make clear when a contractor's employment has ended at a company or to establish expectations for how long a contractor will provide services before ending the contract. When entering into such an agreement, it's important to understand what you're agreeing to as well as what your rights are as either party if something goes wrong down the line.
Termination of a service agreement can happen for a variety of reasons, some of which include:
- A client being unhappy with the deliverables provided by the service provider.
- Fee disputes between client and service provider.
- Breach of confidentiality between client and service provider.
- Client no longer needs the service of the provider because they are internalizing the services.
Common Sections in Termination Of Services Agreements
Below is a list of common sections included in Termination Of Services Agreements. These sections are linked to the below sample agreement for you to explore.
Termination Of Services Agreement Template
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Termination Of Services Agreement Sample
Exhibit (d)(4)
TERMINATION OF ADMINISTRATIVE SERVICES AGREEMENT
This Termination of Administrative Services Agreement, dated as of August 16, 2010 (this “Agreement”), by and among Buyer, ICx Technologies, Inc., a Delaware corporation (the “Company”), and Wexford Capital LP, a Delaware limited partnership that is a successor by merger to Wexford Capital LLC, Connecticut limited liability company (“Wexford”)
WHEREAS, as of the date hereof, the Company and Wexford are parties to an Administrative Services Agreement, dated as of October 1, 2005, as amended as of October 1, 2006 (as amended, the “Services Agreement”);
WHEREAS, as a condition to their willingness to enter into the Agreement and Plan of Merger (the “Merger Agreement”) dated as of the date hereof by and among FLIR Systems, Inc., an Oregon corporation (“Parent”), Indicator Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub”), and the Company, Parent and Merger Sub have requested that Wexford, and in order to induce Parent and Merger Sub to enter into the Merger Agreement, Wexford has agreed to, enter into this Agreement;
WHEREAS, capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement.
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration given to each party hereto, the receipt of which is hereby acknowledged, the parties agree as follows:
| 1. | Agreement to Terminate. Notwithstanding any other provision of the Services Agreement to the contrary, the parties hereby agree that upon the Effective Time (a) other than as set forth below, the Services Agreement shall automatically terminate in all respects (without any further action on the part of any party hereto) and shall be of no further force or effect except as set forth in this Agreement and (b) any requirement for notice with respect to the termination of the Services Agreement is hereby waived. |
| 2. | Reimbursement of Reimbursable Expenses. |
| (a) | Prior to the Effective Time, Wexford may submit to the Company bills for reimbursement and related documentation concerning any not yet reimbursed reimbursable expenses under Section 4 of the Services Agreement, and all such bills shall be paid by the Company to Wexford consistent with the customary practice between Wexford and the Company, but in any event not later than the date on which the Effective Time occurs. |
| (b) | In the event that there are any reimbursable expenses under Section 4 of the Services Agreement that were not covered by bills submitted by Wexford pursuant to Section 2(a) of this Agreement, Wexford may submit to the Company bills for reimbursement and related documentation once the amounts of such reimbursable expenses are known, and each such bill shall be paid by the Company to Wexford within five Business Days following receipt by the Company of such bill. |
3. Indemnification. The provisions of Section 6 (Exculpation; Indemnification), Section 9 (No Raid) and Section 10 (Miscellaneous) of the Services Agreement shall survive termination of the Services Agreement.
4. Termination. In the event that the Merger Agreement shall be terminated without the Effective Time having occurred, this Agreement shall terminate at the same time as such termination.
5. Miscellaneous.
| (a) | Further Assurances. The parties will, from time to time, execute and deliver, or cause to be executed and delivered, such additional documents or take, or cause to be taken, such additional acts as may be necessary to give full effect to the terms and intent of this Agreement. |
| (b) | Governing Law. This Agreement shall be governed by, and construed in accordance with the laws of the State of Delaware, without giving effect to any choice or conflict of laws provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware. |
| (c) | Entire Agreement. This Agreement, together with the Services Agreement, constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. |
| (d) | Counterparts. This Agreement may be executed in multiple counterparts, all of which shall together be considered one and the same agreement. |
| (e) | Amendments. The parties hereto may only modify or amend this Agreement by a written agreement executed and delivered by duly authorized signatories of the respective parties which expressly states that it is intended to modify or amend this Agreement. |
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
2
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the day and year first above written.
| ICX TECHNOLOGIES, INC. | ||
| By: | /s/ Colin Cumming | |
| Name: Colin Cumming Title: CEO | ||
| WEXFORD CAPITAL LP | ||
| By: | /s/ Joseph M. Jacobs | |
| Name: Joseph M. Jacobs Title: President | ||
Reference:
Security Exchange Commission - Edgar Database, EX-99.(D).(4) 16 dex99d4.htm TERMINATION OF SERVICES AGREEMENT, Viewed October 12, 2021, View Source on SEC.
Who Helps With Termination Of Services Agreements?
Lawyers with backgrounds working on termination of services agreements work with clients to help. Do you need help with a termination of services agreement?
Post a project in ContractsCounsel's marketplace to get free bids from lawyers to draft, review, or negotiate termination of services agreements. All lawyers are vetted by our team and peer reviewed by our customers for you to explore before hiring.
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Meet some of our Termination Of Services Agreement Lawyers
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"Quick and easy to work with. Was patient with me and answered all my questions."
Ramanathan C.
Triple Qualified New York Attorney, Australian Lawyer & Enrolled NZ Barrister & Solicitor
"Rama was timely and responsive to all my needs & questions. From day one, he presented a tailored proposal for my project that felt personalized and thoughtful. He is pleasant to work with and professional with his legal advice. I'd be happy to work with him again."
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Natalie A.
I am an experienced in house counsel and have worked in the pharmaceutical, consumer goods and restaurant industry. I have experience with a variety of agreements, below is a non-exhaustive list of types of agreements I can help with: Supply Agreements Distribution Agreements Manufacture Agreements Service Agreements Employment Agreements Consulting Agreements Commercial and residential lease agreements Non-compete Agreements Confidentiality and Non-Disclosure Agreements Demand Letters Termination notice Notice of breach of contract My experience as in house counsel has exposed me to a wide variety of commercial matters for which I can provide consulting and assistance on. I have advised US, Canadian and International entities on cross-functional matters and have guided them when they are in different countries and jurisdictions as their counterparties. I can provide assistance early on in a business discussion to help guide you and make sure you ask the right questions even before the commercial agreement needs to be negotiated, but if you are ready to put a contract in place I can most definitely help with that too.
Jeff C.
Jeff Colerick has been practicing law for over 30 years and has devoted his professional career to providing clients with intelligent representation and personal care. His experience as a lawyer involving complex matters has resulted in a long history of success. Jeff has built a practice based on a deep understanding of real estate assets and corporate activities. He combines his industry knowledge with a practical and collaborative approach to problem solving. Jeff’s client relationships are strong because they are built on mutual respect. Jeff talks the language of real estate and understands that it is a vehicle to deliver your business strategy. Jeff provides practical, responsive, and strategic advice related to real estate acquisition, construction, leasing, and sale of a wide range of real property types, including office, retail, medical, industrial, industrial flex-space, mixed-use condominium, multifamily and hospitality. As leader of the Goodspeed Merrill real estate practice group, Jeff represents clients with commercial and residential transactions, purchases and sales, land acquisition and development, real estate investment and financing, financing liens and security interests, and commercial leasing and lease maintenance, including lease enforcement support and advice. The firm represents clients in matters concerning construction, lending, developers, contractors and subcontractors, cell site leasing, property and boundary disputes, common interest community law, and residential condominiums and planned communities.
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Abraham W.
Abraham's practice focuses on counseling emerging group companies in the technology and other commercial agreements, and assisting equity financings (specifically venture capital).
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