Mutual Termination of Contract

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									This is a document that allows the parties of an existing contract to terminate their
agreement and be released from all legal rights and obligations under the contract. For
this document to be valid, both parties must voluntarily consent to the termination of the
original contract. This document should be used by individuals or entities that agree to
mutually release each other from all liabilities, obligations and claims arising out of a
previously executed contract.
                               Mutual Termination of Contract
This Mutual Termination of Contract (hereinafter referred to for convenience as the
“Agreement”) is made this ___ day of ____________, 20___ by and between
______________________, located at ___________________________and located
______________________.

1. Termination of Contract: The Parties agree that upon the date of this Agreement, the
   _________________________ contract between _____________ and ______________
   dated __________, 20___ shall be terminated in its entirety and shall be of no further force
   or effect.

    [Comment: user must clearly identify the contract that is to be terminated.]

2. Release:

    A. In exchange for the promises and covenants set forth herein, each party for itself and its
       successors, predecessors, related companies, leasing agents, executors, administrators,
       representatives, insurers, attorneys, agents and assigns, forever releases, acquits and
       discharges all parties to this Agreement (including, but not limited to, any party’s
       respective departments, divisions, subsidiaries, corporate affiliates, trustees, directors,
       officers, insurers, employees, servants, attorneys, shareholders, partners, successors,
       assigns, customers, clients and agents [present and former]) from any and all claims,
       liabilities, demands, costs, expenses, attorneys’ fees, damages, indemnities, obligations,
       causes of action of any kind whatsoever (whether based upon any legal or equitable
       theory whether contractual, based on any tort, common law, statutory, Federal , State or
       otherwise), known and unknown, suspected and unsuspected, disclosed and undisclosed,
       arising out of or in any way related to the Dispute.

    B. Each party acknowledges and represents that it may have claims against other parties, of
       which at the time of execution of this Agreement it has no knowledge or suspicion. Each
       party agrees and represents that this section is specifically intended to and does extend to
       any and all such claims in any way based upon or connected with or related to
       agreements, actions events or conduct occurring or existing at any time prior to the
       execution of this Agreement. Each party expressly waives the benefit of Section 1542 of
       the California Civil Code, which provides:

         A general release does not extend to claims which creditor does not know or suspect
         to exist in his favor at the time of executing the release, which if known to him must
         have materially affected his settlement with the debtor.




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    [Comment: this section is specific to California law. User should review the applicable
    law in user’s state to find out if a similar law exists.]

3. Applicable Law: This agreement is governed by, and construed in accordance with, the laws
   of the state of ___________.

4. Authority to Execute: Each person executing this Agreement represents that it is authorized
   to execute this Agreement. Each person executing this Agreement on behalf of an entity,
   other than an individual executing this Agreement on his or her own represents that it is
   authorized to execute this Agreement.

5. Final Agreement: This Agreement constitutes the entire agreement and understanding of the
   signatory parties with respect to the subject matters herein, and supersedes and replaces any
   prior agreements and understandings, whether written or oral, between and among them, with
   respect to such matters.


IN WITNESS WHEREOF, THE PARTIES HERETO HAVE SIGNED THIS AGREEMENT.


DATED: _______________________

NAME: ________________________                          SIGNATURE: ______________________




DATED: _______________________

NAME: ________________________                          SIGNATURE: ______________________




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