The Contract Termination Agreement And Release Template is essential when parties wish to formally end their contractual relationships under English and Welsh law. This document is typically used when both parties agree to terminate their existing contract early or upon natural completion, requiring a formal release of obligations. It addresses key aspects such as the effective termination date, settlement of outstanding obligations, mutual releases from future claims, and any surviving obligations. The template ensures compliance with UK contract law while providing legal certainty and protection for all parties involved.
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1. Parties: Identification and details of all contracting parties
2. Background: Context of the original agreement and reasons for termination
3. Definitions: Key terms used throughout the agreement
4. Termination: Specific terms of termination including effective date
5. Mutual Release: Release of claims between parties
6. Surviving Obligations: Provisions that continue after termination
7. Governing Law: Jurisdiction and applicable law
1. Payment Provisions: Details of any final payments or settlements to be made between the parties as part of the termination
2. Confidentiality: Ongoing confidentiality obligations and handling of sensitive information post-termination
3. Return of Property: Process and timeline for returning physical materials, intellectual property, or other assets
4. Non-Disparagement: Mutual agreement between parties not to make negative statements about each other following termination
1. Schedule of Outstanding Obligations: Comprehensive list of any remaining duties, payments, or obligations between the parties
2. Schedule of Released Claims: Detailed list of specific claims being waived by each party under the release
3. Original Agreement Details: Reference details of the agreement(s) being terminated, including dates and key terms
4. Handover Plan: Detailed timeline and process for transitioning responsibilities and completing the termination
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