This is an agreement between two parties to an existing contract whereby they mutually
agree to terminate the contract. For this termination to be valid, both parties must
voluntarily agree to terminate the contract. This agreement can be used for a variety of
purposes to terminate any type of contract. In addition, both parties agree to mutually
indemnify each other from any liability that may have resulted from entering into the
original agreement. This agreement can be used by individuals or small businesses
that want to terminate an existing contract.
TERMINATION OF CONTRACT AGREEMENT
THIS TERMINATION OF CONTRACT AGREEMENT (“Termination Agreement”) is made
this ____ day of ___________, 201__, by and between __________________________ (“Party
1”) and _______________________ (“Party 2”).
WHEREAS Party 1 and Party 2 entered into a ________________ Agreement with respect to
______________________ (enter agreement particulars), executed on the ____ day of
_____________, 201__; (“Original Agreement”);
AND WHEREAS Party 1 and Party 2 now enter into this Termination Agreement for purposes
of terminating the Original Agreement;
NOW THEREFORE THIS TERMINATION AGREEMENT WITNESSETH, that in
consideration of the mutual covenants and agreements contained herein, the Parties hereto
covenant and agree to the following:
1. Party 1 and Party 2 mutually agree to terminate the Original Agreement.
2. Party 1 and Party 2 mutually release each other from any and all obligations in respect to
the Original Agreement and agree to mutually indemnify and hold harmless each other from any
liability whatsoever they may have had as a result of entering into the Original Agreement;
3. This Termination Agreement shall be governed by and construed in accordance with the
laws of the State of ________ (STATE), regardless of conflict of laws principles. Both Parties
voluntary consent to the jurisdiction of all courts in the State of ________ (STATE).
4. It is mutually agreed that this Termination Agreement embodies the entire agreement
between the Parties hereto with respect to the matters dealt with herein.
IN WITNESS THEREOF, the Parties hereto duly execute this Termination Agreement on the
date first set out above.
SIGNED, SEALED AND DELIVERED in the presence of:
Witness Party 1
Witness Party 2
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