MUTUAL RELEASE AND RESCISSION CONTRACT CLAIMS This mutual release and rescission of contract, executed on _________________ (date), between _______________________________________________________ (name) of __________________________________________________________ (address), and _________________________________________________________________ (name), of ____________________________________________________________ (address), is intended to effect the extinguishment of obligations as herein designated.
RECITALS
Disputes and differences have arisen between _________________________________ (name) and ________________________________________ (name) with respect to that certain agreement in writing entered into between the parties on _______________ (date), which agreement is hereby made a part of this release and incorporated by reference. A copy of the agreement is attached to this mutual release in order that all such claims, demands, actions, responsibilities and liabilities of the respective parties may be ascertained. The parties have agreed to execute this mutual release in settlement of such disputes and differences.
SECTION ONE RELEASE
In consideration of the mutual relinquishment of their respective legal rights with reference to the abovementioned disputes and differences, in consideration of the execution of this mutual release, and in consideration of the payment by ______________________________ (name) to _______________________________ (name) of $__________, receipt of which by __________________________________ (name) is acknowledged, each party for ___________ (himself or herself or himself and herself or as the case may be) and __________ (his or her or his and her or as the case may be) heirs and legal representatives, expressly releases the other, and __________ (his or her or his and her or as the case may be) heirs and legal representatives, from all liability for claims and demands arising out of the agreement as described above.
SECTION TWO RESCISSION OF CONTRACT
The parties mutually agree that the above-mentioned agreement entered into between the parties on ______________ (date), shall be and is hereby rescinded, terminated and canceled as of __________ (date).
In witness whereof, the parties have executed this mutual release and rescission of contract at ___________ (designate place of execution) on the day and year first above written.
_____________________________________ Signature
______________________ Date
_____________________________________ Signature
______________________ Date
(Attach copy of agreement)