The Cancellation of Contract to Sell is essential in Malaysian business practice when parties mutually agree to terminate their existing sales agreement. This document is commonly used when circumstances change after the original contract formation, making it impractical or undesirable to proceed with the sale. It's governed by Malaysian law, particularly the Contracts Act 1950 and Sales of Goods Act 1957, and requires careful consideration of legal requirements for contract termination. The document typically includes details of the original contract, reasons for cancellation, settlement terms, and mutual releases. It's crucial for risk management and maintaining clear business records, protecting both parties' interests during the contract termination process.
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1. Parties: Identification of all parties to the original contract and this cancellation agreement
2. Background: Details of the original contract including date, subject matter, and reference number
3. Definitions: Key terms used in the cancellation agreement including reference to the Original Contract
4. Acknowledgment of Original Contract: Formal recognition of the existing contract that is being cancelled
5. Mutual Agreement to Cancel: Express statement of both parties' agreement to cancel the original contract
6. Effective Date of Cancellation: Specific date when the cancellation takes effect
7. Settlement Terms: Details of any payments, refunds, or adjustments to be made between the parties
8. Return of Property: Provisions for returning any goods, documents, or property exchanged under the original contract
9. Release and Discharge: Mutual release from obligations under the original contract
10. Governing Law: Confirmation that Malaysian law governs the cancellation agreement
11. Execution: Signature blocks and execution requirements
1. Confidentiality: Required when parties need to maintain confidentiality about the original contract or its cancellation
2. Tax Implications: Include when there are significant tax consequences from the cancellation that need to be addressed
3. Survival Clauses: Needed when certain provisions of the original contract should survive the cancellation
4. Dispute Resolution: Include when parties want to specify how any disputes relating to the cancellation will be resolved
5. Third Party Rights: Required when the cancellation affects rights of third parties under the original contract
6. Partial Cancellation: Include when only specific parts of the original contract are being cancelled
7. Costs: Include when there are specific arrangements about who bears the costs of the cancellation process
1. Schedule 1 - Original Contract: Copy or key details of the original contract being cancelled
2. Schedule 2 - Settlement Statement: Detailed breakdown of any financial settlements, refunds, or adjustments
3. Schedule 3 - Property List: Inventory of any property or items to be returned by either party
4. Appendix A - Proof of Authority: Documentation proving authority of signatories to execute the cancellation
5. Appendix B - Payment Schedule: Timeline and details of any payments to be made as part of the cancellation
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Clauses
Relevant Industries
Real Estate
Manufacturing
Retail
Construction
Technology
Automotive
Industrial Equipment
Consumer Goods
Professional Services
Agriculture
Mining and Resources
Relevant Teams
Legal
Procurement
Sales
Finance
Compliance
Operations
Risk Management
Commercial
Business Development
Contract Administration
Relevant Roles
Legal Counsel
Contract Manager
Procurement Manager
Sales Director
Business Development Manager
Commercial Director
Chief Financial Officer
Company Secretary
Risk Manager
Compliance Officer
Operations Manager
Project Manager
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