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Mutual Rescission and Release of Contract

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					Mutual Rescission and
Release of Contract
This is a document that allows the parties to an existing contract to rescind their
agreement and be released from all legal rights and obligations under the contract. For
this agreement to be valid, both parties must voluntarily consent to the recession. This
agreement will result in the mutual relinquishment of the respective legal rights and
obligations to an existing 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 agreement.
      MUTUAL RESCISSION AND RELEASE OF CONTRACT
This Mutual Rescission and Release of Contract Agreement (the “Agreement”) is made on this
_______ day of ___________, of _________ (the “Effective Date”) between ____________
(“Party 1”) and _________________(“Party 2”).

                                                    RECITALS:

WHEREAS, on __________ __, ____, the parties entered into a contract entitled
______________________________[Title of Applicable Contract], which is attached hereto as
Exhibit A (the “Contract”); and

WHEREAS, the parties desire to terminate the Contract and release each other from liability.

NOW THEREFORE, in consideration of the mutual covenants contained herein, the parties
agree as follows:

                                                    ARTICLE I

                                MUTUAL RESCISSION OF CONTRACT

Party 1 and Party 2, as the original or appropriately assigned parties to the Contract, hereby
terminate and rescind the Contract. Party 1 hereby agrees to pay Party 2 the amount of
$_______________[include amount or type of consideration] in consideration of such
termination and rescission.

This Agreement of Mutual Rescission shall be binding upon the parties, their successors, assigns,
and personal representatives. Neither party shall have any future rights or duties thereunder.

                                                    ARTICLE II

                                              MUTUAL RELEASE

Party 1 hereby does release, forgive, and forever discharge Party 2 and each of its predecessors,
parent corporations, holding companies, subsidiaries, affiliates, divisions, heirs, successors and
assigns, and all of their officers, directors, and employees from all actions, claims, demands,
damages, obligations, liabilities, controversies, and executions, of any kind or nature whatsoever,
whether known or unknown, whether suspected or not, which have arisen, or may have arisen, or
shall arise by reason of the Contract or rescission of the Contract.

Party 1 does specifically waive any claim or right to assert any cause of action or alleged cause
of action or claim or demand which has, through oversight or error, intentionally or
unintentionally or through a mutual mistake, been omitted from this Agreement.

Party 2 hereby does release, forgive and forever discharge Party 1 and each of its predecessors,
parent corporations, holding companies, subsidiaries, affiliates, divisions, heirs, successors and

© Copyright 2013 Docstoc Inc. registered document proprietary, copy not                2
assigns, and all of their officers, directors and employees from all actions, claims, demands,
damages, obligations, liabilities, controversies and executions, of any kind or nature whatsoever,
whether known or unknown, whether suspected or not, which have arisen, or may have arisen, or
shall arise by reason of the Contract or rescission of the Contract.

Party 2 does specifically waive any claim or right to assert any cause of action or alleged case of
action or claim or demand which has, through oversight or error intentionally or unintentionally
or through a mutual mistake, been omitted from this Agreement.

                                                   ARTICLE III

                                                 SEVERABILITY

The provisions of this Agreement are to be read as a whole and are not separately enforceable or
severable by either party hereto.

                                                   ARTICLE IV

                                               GOVERNING LAW

This Agreement will be interpreted and enforced under the laws of the State of ___________,
without regard to conflict of laws.


IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the Effective
Date.


PARTY 1                                                                   PARTY 2




Authorized Signature                                                      Authorized Signature


Name and Title                                                            Name and Title




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WITNESS                   
				
DOCUMENT INFO
Description: This is a document that allows the parties to an existing contract to rescind their agreement and be released from all legal rights and obligations under the contract. For this agreement to be valid, both parties must voluntarily consent to the recession. This agreement will result in the mutual relinquishment of the respective legal rights and obligations to an existing 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 agreement.
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