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#386512 - 08/14/11 12:07 PM Termination Addendum
Devil's Advocate Offline
Veteran Member

Registered: 01/03/05
Posts: 538
Loc: Ontario, Canada

A Termination Addendum

Quote:
Notwithstanding anything to the contrary as may be contained in the aforemention [whatever] Agreement, the parties agree as follows:

Notwithstanding anything to the contrary, the agent and their subagents shall ensure that all elements of their fiduciary obligations to the principal(s) shall be maintained throughout the term of this Agreement and in the event of a breach of an element thereof, the principal(s) in their sole and absolute discretion may terminate this Agreement without liability at any time without notice.


Note .... As is the Principals Right under Agency Law

IMPORTANT NOTICE: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a Lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information.

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#386906 - 08/17/11 12:28 PM Re: Termination Addendum [Re: Devil's Advocate]
Pikes Peak Offline
Major Contributor

Registered: 12/15/04
Posts: 2799
Loc: FL
Quote:
the principal(s) in their sole and absolute discretion may terminate this Agreement without liability at any time without notice.


If there is no notice, how do you know it's terminated?

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#386910 - 08/17/11 12:40 PM Re: Termination Addendum [Re: Pikes Peak]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7719
Loc: Vermont's North-East Kingdom
Originally Posted By: pikes peak
Originally Posted By: Devil's Advocate
the principal(s) in their sole and absolute discretion may terminate this Agreement without liability at any time without notice.

If there is no notice, how do you know it's terminated?

And how about that Agent . . . . could s/he also unilaterally abrogate the Agreement (without advance notice) ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#386931 - 08/17/11 02:50 PM Re: Termination Addendum [Re: Vermont]
Devil's Advocate Offline
Veteran Member

Registered: 01/03/05
Posts: 538
Loc: Ontario, Canada
Locally, all our representation agreements are bi-lateral contracts, as opposed to unilateral contracts, and binding on both parties, until a breach occurs.

The clause in question along with many others clauses were drafted by lawyers acting on behalf of the Ontario Real Estate Association for the use and benefit on their members in drafting documents, and is in keeping with the Law of Agency in Canada that clearly states that in the event of a fiduciary breach by their agent, the principal may terminate their agent WITHOUT NOTICE.

To me such an addendum would put me on notice that should I breach my fiduciary duty to my principal, that my principal has the legal right to terminate my services without notice, and indicates that they fully intend to exercise that right should a breach occur.

Not only has the principal the right to terminate my services, but in addition to that if I had breached my fiduciary duties to my principal, I would have also breached the statutory regulations regarding ethics and could also be prosecuted by the governing regulatory authorities.

In the event my principal suffered damages as a result of my breach and my actions or inactions the principal could also commence a civil lawsuit for damages.

As to notification, I assume that it would be one of the risks the agent takes if they intend to play fast and loose with their obligations and fiduciary duties to their principal.

The time element for termination would most likely begin at the time the principal discovered or was alerted to their agent's breach, but still the principal is not obligated by law to serve notice of termination upon the agent.

There are many scenarios illustrating of how and when an agent can inadvertently or by design breach their fiduciary duty to a principal and the onus is still on the agent, as a professional for knowing exactly what their fiduciary obligations and duties are.

IMPORTANT NOTICE: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a Lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information.



Edited by Devil's Advocate (08/17/11 02:52 PM)
Edit Reason: typo

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#387034 - 08/18/11 06:57 AM Re: Termination Addendum [Re: Devil's Advocate]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2238
Loc: Outer Banks
...and what gets lost by agents all across the board is that we can terminate our agreement with the seller if they do not uphold their end of the agreement. The NC listing agreement lists all of the sellers obligations and duties.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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