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AgreementforCancellationofContract
ThisAgreementforCancellationofContract(the“Agreement”)ismadeandenteredintoasof[date]byandbetween:
PartyA:
Name:[PartyA'sfullname]
Address:[PartyA'saddress]
ContactPerson:[Name]
ContactNumber:[Phonenumber]
Email:[Emailaddress]
PartyB:
Name:[PartyB'sfullname]
Address:[PartyB'saddress]
ContactPerson:[Name]
ContactNumber:[Phonenumber]
Email:[Emailaddress]
Recitals
WHEREAS,PartyAandPartyBenteredintoa[Contractname](the“OriginalContract”)on[dateoforiginalcontract],forthepurposeof[describethegeneralpurposeoftheoriginalcontract];and
WHEREAS,bothpartiesnowdesiretomutuallycanceltheOriginalContractandreleaseeachotherfromallobligationsandliabilitiesarisingtherefrom.
Agreement
1.CancellationoftheOriginalContract
-PartyAandPartyBherebymutuallyagreetocanceltheOriginalContract,effectiveasofthedateofthisAgreement.AllrightsandobligationsofthepartiesundertheOriginalContractshallceaseandterminateimmediatelyupontheeffectivenessofthisAgreement.
2.ReleaseofLiability
-Eachpartyherebyreleasesandforeverdischargestheotherparty,itsaffiliates,officers,directors,employees,agents,andrepresentativesfromanyandallclaims,liabilities,damages,losses,costs,andexpensesofeverykindandnature(includingbutnotlimitedtoattorneys'feesandcourtcosts)arisingoutoforinanywayrelatedtotheOriginalContract.
-Thisreleaseincludes,withoutlimitation,anyclaimsforbreachofcontract,misrepresentation,negligence,oranyotherlegalorequitableclaimthateitherpartymayhaveagainsttheotherpartyinconnectionwiththeOriginalContract.
3.ReturnofPropertyandConfidentialInformation
-Ifeitherpartyhasreceivedanyproperty,documents,orconfidentialinformationfromtheotherpartyinconnectionwiththeOriginalContract,suchpartyshallreturnallsuchproperty,documents,andconfidentialinformationtotheotherpartywithin[numberofdays]daysaftertheexecutionofthisAgreement.
-ConfidentialinformationshallbedefinedasanyinformationthatwasdisclosedbyonepartytotheotherinconnectionwiththeOriginalContractandwasmarkedasconfidentialorshouldhavebeenreasonablyunderstoodasconfidentialunderthecircumstances.
4.Non-disparagement
-Eachpartycovenantsandagreesthatitwillnotmakeanydisparagingordefamatorystatements,orallyorinwriting,abouttheotherparty,itsproducts,services,businessoperations,oremployees,inrelationtothecancellationoftheOriginalContractorotherwise.
5.EntireAgreement
-ThisAgreementconstitutestheentireagreementbetweenthepartieswithrespecttothesubjectmatterhereofandsupersedesallpriorandcontemporaneousagreementsandunderstandings,oralorwritten,relatingtothecancellationoftheOriginalContract.
6.AmendmentsandWaivers
-Noamendment,modification,orwaiverofanyprovisionofthisAgreementshallbeeffectiveunlessinwritingandsignedbybothparties.
7.GoverningLaw
-ThisAgreementshallbegovernedbyandconstruedinaccordancewiththelawsof[governingjurisdiction].
8.Severability
-IfanyprovisionofthisAgreementisheldtobeinvalid,illegal,orunenforceable,thevalidity,legality,andenforceabilityoftheremainingprovisionsshallnotinanywayinanywaybeaffectedorimpaired.
INWITNESSWHEREOF,thepartieshaveexecutedthisAgreementforCancellat
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