This termination of agreement and release template has 5 pages and is a MS Word file type listed under our legal agreements documents.
Sample of our termination of agreement and release template:
TERMINATION OF AGREEMENT AND RELEASE This Termination of Agreement and Release (the "Termination Agreement") is effective [DATE], BETWEEN: [NAME OF PARTY A] ("Party A"), an individual with their main address located at: [YOUR COMPLETE ADDRESS] AND: [NAME OF PARTY B] ("Party B"), an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] Collectively, Party A and Party B shall be referred to as the "Parties." WHEREAS, the Parties wish to terminate the Agreement [SPECIFY THE AGREEMENT AND THE EFFECTIVE DATE] and release each other from the liabilities of the abovementioned Agreement; WHEREAS, the Parties wish to evidence their contract in writing; NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: PURPOSE The Parties have previously entered into a [NAME OF AGREEMENT AND THE EFFECTIVE DATE]. By way of this Termination Agreement, the Parties desire to completely and immediately terminate the [NAME OF THE AGREEMENT], and acknowledge and agree that, except as otherwise expressly set forth in Section 4 below, neither Party shall have any obligation or liability to the other in connection with the [NAME OF THE AGREEMENT]. The abovementioned agreement is attached to this Termination Agreement as Exhibit A. TERMINATION The Parties hereby terminate immediately, for mutual convenience, the [NAME OF THE AGREEMENT] and any amendments thereto. Effective immediately upon execution of this Termination Agreement, neither Party shall have (except as otherwise expressly set forth in this Termination Agreement) any obligation, responsibility, or liability to the other Party for any reason whatsoever in connection with the [NAME OF THE AGREEMENT]. MUTUAL RELEASE Effective immediately upon execution of this Termination Agreement, each Party releases and forever discharges the other Party and all of its employees, agents, successors, assigns, legal representatives, affiliates, directors and officers from and against any and all actions, claims, suits, demands, payment obligations or other obligations or liabilities of any nature whatsoever, whether known or unknown, which such Party or any of its employees, agents, successors, assigns, legal representatives, affiliates, directors and officers have had, now have or may in the future have directly or indirectly arising out of (or in connection with) any of the [NAME OF THE AGREEMENT], including any activities undertaken pursuant to any of the [NAME OF THE AGREEMENT]. TERMINATION FEE In consideration of the termination of the [NAME OF THE AGREEMENT] and the release of all obligations thereunder, Party A shall pay Party B a termination fee (the "Termination Fee") in the aggregate sum of [SPECIFY THE AMOUNT], payable by wire transfer. LANGUAGE OF THE AGREEMENT The language of the Agreement shall be the English Language, which shall be the binding and controlling language for all matters relating to the meaning or interpretation of the Agreement. COMMUNICATION
