The Affidavit of Cancellation with No Financial Obligation is a crucial legal document used in the United Arab Emirates when parties need to formally terminate their contractual relationships while confirming the absence of any pending financial obligations. This document is particularly important in the UAE business environment, where clear documentation of contract termination is essential for legal certainty and compliance with local regulations. The affidavit must be executed before a UAE-licensed notary public and typically includes detailed information about the original agreement, parties involved, explicit cancellation statements, and declarations regarding the absence of financial obligations. It serves as important evidence in case of future disputes and is often required by government authorities, banks, or other institutions as proof of proper contract termination.
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1. Title and Declaration: Formal title of the document and declaration that this is a sworn affidavit
2. Affiant Details: Full legal name, Emirates ID number, and contact details of the person making the affidavit
3. Subject Matter Identification: Clear identification of the contract/agreement being cancelled, including original date, reference numbers, and parties involved
4. Statement of Cancellation: Express declaration of cancellation of the specified agreement
5. Financial Declaration: Clear statement confirming no outstanding financial obligations between parties
6. Mutual Release: Statement releasing all parties from any claims or obligations related to the cancelled agreement
7. Verification: Formal statement verifying that all declarations made are true and correct
1. Prior Payments Declaration: Section detailing any previous payments made under the agreement, used when there is a history of financial transactions that needs to be documented
2. Third Party Rights: Section addressing any third party rights or obligations, included when the cancellation might affect other parties
3. Return of Property: Section confirming return of any property or documents, included when physical items or documents were exchanged
4. Confidentiality: Section addressing ongoing confidentiality obligations, included when the original agreement contained confidentiality provisions that survive cancellation
1. Original Agreement: Copy of the original agreement being cancelled
2. Proof of Identity: Copies of Emirates ID and other identification documents of the affiant
3. Supporting Documents: Any relevant correspondence or documentation supporting the cancellation
4. Financial Statement: Statement or documentation confirming zero balance or no financial obligations, if applicable
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