Legal Contract Recission

LEGAL CONTRACT RECISSION

This Mutual Contract Recission Agreement (the Agreement) is entered into by and between Party A: , an entity type: Individual Corporation LLC , with principal address ; and Party B: , an entity type: Individual Corporation LLC , with principal address .

RECITALS

WHEREAS, the parties previously entered into a written agreement entitled "" dated (the Original Agreement);

WHEREAS, the parties wish to effect a mutual rescission and termination of the Original Agreement and to settle and release all claims and obligations arising under or related to the Original Agreement on the terms and conditions set forth herein;

WHEREAS, the parties acknowledge that this Agreement is intended to be a complete and final resolution of all matters between them arising from the Original Agreement.

NOW THEREFORE

In consideration of the mutual covenants contained in this Agreement and other good and valuable consideration, the sufficiency of which is acknowledged, the parties agree as follows:

1. RECISSION AND TERMINATION

1.1 Mutual Rescission. The parties hereby mutually rescind, cancel and terminate the Original Agreement in its entirety effective as of the Effective Date set forth below. From and after the Effective Date, the Original Agreement shall be of no further force or effect and neither party shall have any right or obligation thereunder except as expressly preserved by this Agreement.

1.2 Preservation of Certain Rights. Notwithstanding Section 1.1, nothing in this Agreement shall be construed to extinguish rights or obligations expressly reserved in writing in this Agreement, including the mutual releases set forth in Section 2.

2. MUTUAL RELEASE

2.1 Release by Party A. Subject to the terms and conditions of this Agreement, Party A fully and finally releases and discharges Party B and its past and present agents, employees, officers, directors, affiliates and assigns (collectively, the Released Parties) from all claims, demands, actions, liabilities and causes of action, whether known or unknown, arising out of or relating to the Original Agreement through the Effective Date.

2.2 Release by Party B. Subject to the terms and conditions of this Agreement, Party B fully and finally releases and discharges Party A and the Released Parties from all claims, demands, actions, liabilities and causes of action, whether known or unknown, arising out of or relating to the Original Agreement through the Effective Date.

3. CONSIDERATION

3.1 Consideration. In consideration for the mutual recission and releases set forth herein, Party A agrees to provide the following to Party B: . Party B agrees to provide the following to Party A:

3.2 Payment Terms. If monetary payment is part of the consideration, the payment shall be made in the amount of $ payable as follows:

4. REPRESENTATIONS AND WARRANTIES

Each party represents and warrants to the other that: (a) it has full power and authority to enter into and perform this Agreement; (b) the person signing on its behalf is duly authorized; (c) the execution and delivery of this Agreement and the performance of its obligations do not violate any agreement or obligation to which it is subject; and (d) there are no outstanding assignments or liens that would impair the releases provided herein.

5. COVENANTS

5.1 No Further Claims. Each party covenants that it will not pursue any litigation, arbitration, administrative proceeding, or claim against the other party arising from the Original Agreement except to enforce this Agreement.

5.2 Confidentiality. Except as required by applicable law or as expressly permitted in writing by the other party, the parties shall keep the terms, negotiations and existence of this Agreement confidential.

6. EFFECTIVE DATE

This Agreement shall become effective on the date it is last signed by the parties (the Effective Date): Month Day Year

7. NOTICES

All notices required or permitted under this Agreement shall be in writing and delivered to the addresses set forth below (or to such other address as a party may designate by notice):

8. AMENDMENTS; WAIVER

No amendment to this Agreement shall be effective unless in writing and signed by both parties. No waiver of any breach shall constitute a waiver of any other breach or of the same breach at a different time.

9. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the state of without regard to its conflicts of law principles.

10. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, relating thereto.

11. SEVERABILITY

If any provision of this Agreement is held to be invalid, illegal or unenforceable, the remaining provisions shall remain in full force and effect and the invalid provision shall be reformed to the extent necessary to make it enforceable while preserving the parties' intent.

12. COUNTERPARTS

This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Signatures delivered by electronic means shall be effective as originals.

ADDITIONAL PROVISIONS

The parties acknowledge that they have read and understand this Agreement, that they have had the opportunity to seek independent legal advice, and that they intend to be legally bound by its terms.

Sign Now