The Agreement To Rescind Contract is a crucial legal instrument used when parties mutually agree to terminate their existing contractual relationship under Indonesian law. This document becomes necessary when business circumstances change, strategic directions shift, or parties simply agree that terminating their contract is in their best interest. It provides a clear legal framework for ending contractual obligations while protecting all parties' interests, ensuring compliance with Indonesian Civil Code requirements. The agreement typically includes comprehensive provisions for handling outstanding obligations, property returns, and mutual releases, while addressing any continuing obligations such as confidentiality. This document type is particularly important in the Indonesian business context, where formal documentation of contract termination is essential for legal certainty and future reference. The agreement must be drafted in accordance with Indonesian contract law principles and should consider any specific industry regulations or requirements that may apply.
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1. Parties: Identification of all parties to the original contract who are now agreeing to its rescission
2. Background: Brief description of the original contract, its date, and the circumstances leading to the mutual decision to rescind
3. Definitions: Key terms used in the agreement, including reference to the Original Contract and Effective Date of rescission
4. Mutual Agreement to Rescind: Clear statement of the parties' agreement to terminate and rescind the original contract
5. Effective Date: Specification of when the rescission takes effect
6. Settlement of Outstanding Obligations: Agreement on how any outstanding payments, deliverables, or obligations will be handled
7. Return of Property: Provisions for returning any property, documents, or materials exchanged under the original contract
8. Mutual Release: Release of all claims and obligations under the original contract
9. Confidentiality: Agreement regarding continuing confidentiality obligations
10. Governing Law: Confirmation that Indonesian law governs the rescission agreement
11. Execution: Signature blocks and execution requirements
1. Surviving Provisions: Identifies any provisions from the original contract that will survive the rescission, used when certain obligations need to continue
2. Transition Arrangements: Details of any transitional period or arrangements, used when immediate termination is not practical
3. Third Party Rights: Addressing any third-party rights or obligations, used when the original contract involved third party beneficiaries
4. Tax Implications: Handling of any tax consequences of the rescission, used when significant tax implications exist
5. Dispute Resolution: Specific dispute resolution procedures, used when parties want to specify a particular method for resolving any future disputes
6. Public Announcements: Agreement on how to handle any public communications about the rescission, used for high-profile or public-facing contracts
1. Schedule 1 - Original Contract: Copy or details of the contract being rescinded
2. Schedule 2 - Settlement Statement: Detailed breakdown of any financial settlements or adjustments
3. Schedule 3 - Property Register: List of properties or items to be returned by each party
4. Appendix A - Confirmation of Completion: Checklist confirming all obligations under the rescission agreement have been met
5. Appendix B - Release Forms: Standard form releases to be signed by relevant parties
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Education
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Import/Export
Media and Entertainment
Relevant Teams
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Procurement
Compliance
Risk Management
Operations
Commercial
Business Development
Contract Administration
Finance
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