Board Resolution for Termination of Agreement
I. Introduction
This Board Resolution for Termination of Agreement is presented for approval to the board of directors of [YOUR COMPANY NAME]. The purpose of this resolution is to formally document the decision to terminate the contract/agreement between [YOUR COMPANY NAME] and [OTHER PARTY NAME].
II. Background and Purpose
On January 15, 2050, the board of directors of [YOUR COMPANY NAME] reviewed the terms and conditions of the agreement entered into with [OTHER PARTY NAME]. After careful consideration, it was determined that the agreement no longer aligns with the company’s current business strategy, and thus, the termination of the agreement is in the best interest of [YOUR COMPANY NAME].
III. Details of the Agreement Being Terminated
The following agreement is hereby terminated:
Agreement Type | Date of Execution | Parties Involved | Termination Date |
|---|
Service Agreement | March 25, 2048 | [YOUR COMPANY NAME] and [OTHER PARTY NAME] | February 1, 2050 |
IV. Resolution for Termination
The board resolves as follows:
To approve the termination of the agreement between [YOUR COMPANY NAME] and [OTHER PARTY NAME], effective February 1, 2050.
To direct the management of [YOUR COMPANY NAME] to notify [OTHER PARTY NAME] of this termination in writing, and to finalize all necessary steps related to the termination.
V. Responsibilities of the Officers and Management
The following responsibilities are delegated to the appropriate officers and management:
Responsibility | Assigned Officer/Department | Deadline |
|---|
Notify [OTHER PARTY NAME] of termination | Legal Department | January 20, 2050 |
Settle any outstanding obligations | Finance Department | January 30, 2050 |
VI. Reason for Termination
The termination is being pursued due to the following reasons:
Changes in Business Strategy: A shift in [YOUR COMPANY NAME]'s strategic focus has made the existing agreement irrelevant.
Non-Compliance: Issues with [OTHER PARTY NAME]'s adherence to the agreed-upon terms and conditions.
Financial Considerations: The costs associated with continuing the agreement are no longer justifiable.
VII. Conclusion
By passing this resolution, the board of directors ensures that [YOUR COMPANY NAME] takes appropriate action to discontinue the agreement in accordance with legal and business standards.
Prepared by:
[YOUR NAME]
[YOUR EMAIL]
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