TERMINATION AGREEMENT
This Termination agreement (hereinafter, “Agreement”) is made and entered upon by and between [name], with a principal place of residence of [address], and [name], with a principal place of residence of [address] (collectively, the “Parties”), as of [date].
WHEREAS, the Parties entered into a valid, binding, and enforceable contract on the [date], relating to [describe the agreement]; and
WHEREAS, the Parties desire to terminate the aforesaid Agreement and to release each other from any and all obligations that may arise under the terms of the Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein set forth and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties, each with full knowledge of all the contents hereof, do hereby agree as follows:
1. TERMINATION OF AGREEMENT
The Parties agree to terminate the aforesaid Agreement between them, effective as of [date]. Each and every obligation or condition set forth in the Agreement shall be considered and deemed to be satisfied and the Agreement shall be considered terminated as of this date.
2. RELEASE
The Parties hereby release, acquit, discharge and covenant not to sue each other for any obligations, actions, or liabilities of any kind, whether known or unknown, that have been incurred, directly or indirectly, under the terms of policy, the Agreement or any related contract or agreement. The Parties further covenant not to execute any writ, process, attachment or execution of any kind, whether existing or future, that may arise out of the Agreement or any related contracts or agreements between the Parties.
3. RETURN OF PROPERTY
The Parties hereby agree that [name of Party] shall return to [name of Party] [list items] within [time frame] of the effective date of this Agreement.
4. NO ADMISSION OF LIABILITY
This Agreement shall not be construed as an admission of liability by either Party to the other or to any third party with respect to any obligation or action arising under the terms of the Agreement of any related contracts or agreements between the Parties.
5. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of the [state], without regard to its choice of law rules.
6. ENTIRE AGREEMENT
This Agreement constitutes the entire agreement between the Parties, and supersedes all prior written and oral understandings, negotiations, communications and agreements.
7. SEVERABILITY
If any term, provision, covenant or condition or portion of this Agreement shall for any reason be held to be invalid, illegal or incapable of being enforced, then such term, provision, covenant, condition or portion of this Agreement shall be modified or severed from this Agreement, and the remainder of the Agreement shall continue in full force and effect.
8. WAIVER
Any party’s failure or delay to exercise any right, power or remedy provided for under this Agreement shall not constitute a waiver or forfeiture of such right, power or remedy.
IN WITNESS WHEREOF, the Parties hereto, have caused their duly authorized representatives to execute this Agreement as of the date stated at the head of this document.
[signatures]
