Mutual Rescission And Release Agreement

Mutual Rescission And Release Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

"I need a Mutual Rescission and Release Agreement under Saudi law to terminate a technology licensing agreement with our software vendor, including provisions for the return of proprietary information and a final settlement payment of 500,000 SAR to be paid by March 15, 2025."

Document background

The Mutual Rescission And Release Agreement is a critical legal instrument used in Saudi Arabia when parties wish to formally terminate their existing contractual relationships by mutual consent. This document is particularly relevant when businesses need to end commercial arrangements early without breach or dispute, ensuring compliance with both Shariah law and Saudi Arabian commercial regulations. It's commonly used in situations where business circumstances have changed, strategic priorities have shifted, or parties have mutually agreed to end their relationship amicably. The agreement typically includes provisions for final settlements, release of future obligations, return of property, and ongoing confidentiality requirements, all structured to meet Saudi legal requirements and business practices. It serves as essential documentation for corporate records and may be required for regulatory compliance or future reference.

Suggested Sections

1. Parties: Identification of all parties to the agreement, including their full legal names, addresses, and registration details if applicable

2. Background: Brief description of the original agreement being terminated, its date, and the parties' desire to mutually terminate the agreement

3. Definitions: Definitions of key terms used throughout the agreement, including reference to the Original Agreement and any other relevant defined terms

4. Termination: Clear statement of mutual agreement to terminate the Original Agreement and the effective date of termination

5. Release of Obligations: Mutual release of parties from their respective obligations under the Original Agreement

6. Settlement of Accounts: Details of any final payments, settlements, or adjustments to be made between the parties

7. Return of Property: Requirements for returning any physical or intellectual property exchanged under the Original Agreement

8. Confidentiality: Provisions regarding continuing confidentiality obligations and handling of confidential information

9. Governing Law: Specification that Saudi Arabian law and Shariah principles govern the agreement

10. Execution: Signature blocks and execution requirements in accordance with Saudi Arabian law

Optional Sections

1. Surviving Provisions: Identifies any provisions from the Original Agreement that will survive termination, used when certain obligations need to continue

2. Non-Disparagement: Mutual agreement not to make negative statements about each other, used in sensitive or high-profile terminations

3. Future Cooperation: Provisions for ongoing cooperation if needed for transition or wind-down activities

4. Tax Implications: Addresses tax consequences of the termination, used when significant financial settlements are involved

5. Dispute Resolution: Specific procedures for resolving any disputes arising from the termination, used in complex terminations

6. Insurance and Indemnification: Provisions regarding ongoing insurance obligations or indemnification, used when there are potential future claims

7. Public Announcements: Guidelines for making public statements about the termination, used for high-profile agreements

Suggested Schedules

1. Schedule 1 - Original Agreement: Copy or details of the agreement being terminated

2. Schedule 2 - Settlement Statement: Detailed breakdown of any financial settlements or payments

3. Schedule 3 - Property List: Inventory of any physical or intellectual property to be returned or transferred

4. Schedule 4 - Outstanding Obligations: List of any continuing obligations or responsibilities

5. Appendix A - Execution Requirements: Specific requirements for execution under Saudi law, including any necessary attestations or notarizations

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Manufacturing

Construction

Real Estate

Technology

Healthcare

Financial Services

Retail

Energy

Telecommunications

Professional Services

Education

Transportation

Hospitality

Mining

Agriculture

Relevant Teams

Legal

Compliance

Finance

Operations

Business Development

Risk Management

Corporate Affairs

Commercial

Executive Leadership

Project Management

Administration

Contracts Administration

Relevant Roles

Legal Counsel

Chief Legal Officer

Contract Manager

Business Development Manager

Chief Executive Officer

Chief Financial Officer

Commercial Director

Operations Manager

Compliance Officer

Risk Manager

Project Manager

General Manager

Corporate Secretary

Business Unit Head

Finance Director

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