Termination of contract

PARTIES TO CONTRACT

This Contract (“Contract”) is made and entered into this _____, 20___, by and between ______ (“Party A”), [name], and ______ (“Party B”), [name].

BACKGROUND

Party A and Party B have entered into a business transaction wherein Party A will provide goods and/or services to Party B in exchange for payment.

TERMINATION

It is hereby resolved that the Contract shall terminate at midnight on _____, 20___, unless otherwise agreed to in writing by both Parties to this Contract.

Upon termination of this Contract, all obligations of both Parties hereto shall cease and any obligations of the parties to this Contract not yet performed must also be stopped immediately. Upon termination, Party B shall pay all amounts due or owing to Party A pursuant to the Contract and comply with any other obligations set forth in the Contract.

RELIEF

Neither Party to the Contract will seek any further or added relief from the other linked to the termination of the Contract, apart from providing the remedies that are set forth herein.

The termination of the Contract will not settle any disputes, controversies, or claims which have arisen prior to the termination date.

AMENDMENTS

Any amendments or variations of the terms and conditions of this Contract must be in writing and signed by both Parties.

NOTICES

Any notice or demand permitted or required pursuant to the provisions of this Contract shall be in writing and shall be served personally, sent by registered mail, or left at the Party’s address, as set forth in the Contract.

RELEASE

Each Party hereby unconditionally releases, acquits, and forever discharges the other Party, and their respective representatives, employees, and agents, from any and all liabilities, claims, demands, obligations, suits, and causes of action, of any kind and nature, which it may have against the other Party relating to, or arising out of, the performance of the Contract up to the date of termination.

This is intended to be a complete and full release of all liabilities, claims, demands, and rights of action of any kind resulting from, or arising out of, the performance of the Contract between the Parties.

ENTIRE AGREEMENT

This Contract, including all exhibits, represents the entire agreement and understanding between the parties hereto and supersedes all prior agreements or understandings, whether oral or written. This Contract cannot be modified or amended except in writing signed by all parties.

SEVERABILITY

If any part of this Contract is declared or deemed void, unenforceable, or otherwise invalid, such part shall be considered severable. The remainder of this Contract shall continue in full force and effect as if the invalidated part had not been included.

GOVERNING LAW

This Contract shall be interpreted and governed in accordance with the laws of ________.

EXECUTION

Each Party agrees to execute or have its authorized representatives execute this Contract and any and all documents necessary to carry out the terms and conditions hereof.

PARTY A: ________________________

PARTY B: ________________________

This document outlines the termination of the contract between ABC company and XYZ company, as of January 1, 2020.

The contract termination is effective immediately and all obligations of both parties under the agreement are considered discharged. The parties hereto agree to settle any and all disputes and differences by negotiation, and that all accounts between them shall be settled within thirty (30) days of the execution of this agreement.

Both parties agree to release the other from any and all liability or damages arising out of or in any way connected to the contract. ABC company further agrees to return or destroy any confidential or company information provided to them by XYZ company.

It is further agreed that the termination of this contract shall be without prejudice to any rights or obligations which have accrued prior to the effective date of termination, and these shall remain in full force and effect.

In witness whereof, both parties have executed this document on January 1, 2020.

ABC Company

XYZ Company