Free Termination Agreement

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Create Your Free Termination Agreement

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Termination Agreement

Party Details


Party Details

First Party


(e.g. Street, City, County, Postcode)


Second Party


(e.g. Street, City, County, Postcode)






Your Termination Agreement

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TERMINATION AGREEMENT

THIS TERMINATION AGREEMENT (the "Agreement") dated this ________ day of ________________, ________

BETWEEN:

_________________________ of _________________________________________________

- AND -

_________________________ of _________________________________________________
(collectively the "Parties" and individually the "Party")

BACKGROUND

  1. The Parties are presently bound by the following contract (the "Contract") dated the 4th day of December, 2021: ____________________________________________________________________________________________________________________________________________________________.
  2. The Parties wish to terminate the Contract and resolve any and all rights and obligations arising out of the Contract.

IN CONSIDERATION OF and as a condition of the Parties entering into this Agreement and other valuable consideration, the receipt and sufficiency of which consideration is acknowledged, the Parties agree as follows:

  1. Termination
  2. By this Agreement the Parties mutually terminate and cancel the Contract effective the 5th day of December, 2021.
  3. Outstanding Obligations
  4. The Parties acknowledge by this Agreement that the consideration provided and received by each other is fair, just and reasonable and that no further consideration, compensation or obligation will be due, payable or owing with regard to the Contract as of the execution date of this Agreement.
  5. Release
  6. By this Agreement the Parties release each other from any and all claims, causes of action, demands and liabilities of whatever nature which either Party had in the past, has now or may have in the future arising from or related to the Contract.
  7. By this Agreement the Parties release and indemnify each other from any and all claims, causes of action, demands and liabilities of whatever nature which may arise from either Party's obligation to any and all third parties under the Contract. In particular, the Party by whom a term is enforceable under the Contract releases the other Party against whom such a term is or would be enforceable by a third party to the Contract.
  8. Confidentiality
  9. The Parties acknowledge and agree that all parties to this Agreement will keep completely confidential the terms and conditions of this Agreement, the Contract and any financial, operational or confidential information of any kind not already public.
  10. Governing Law
  11. The Parties submit to the jurisdiction of the courts of  for the enforcement of this Agreement or any arbitration award or decision arising from this Agreement. This Agreement will be enforced or construed according to the laws of .
  12. Miscellaneous Provisions
  13. Time is of the essence in this Agreement.
  14. This Agreement may be executed in counterparts. Facsimile signatures are binding and are considered to be original signatures.
  15. This Agreement will not be assigned either in whole or in part by any party to this Agreement without the written consent of the other Party.
  16. Headings are inserted for the convenience of the Parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine gender include the feminine gender and vice versa. Words in the neuter gender include the masculine gender and the feminine gender and vice versa.
  17. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the Parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.
  18. This Agreement contains the entire agreement between the Parties. All negotiations and understandings have been included in this Agreement. Statements or representations which may have been made by any Party in the negotiation stages of this Agreement may in some way be inconsistent with this final written Agreement. All such statements are declared to be of no value in this Agreement. Only the written terms of this Agreement will bind the Parties.
  19. This Agreement and the terms and conditions contained in this Agreement apply to and are binding upon the Parties and their respective successors, assigns, executors, administrators, beneficiaries and representatives.
  20. Any notices or delivery required in this Agreement will be deemed completed when hand-delivered, delivered by agent, or seven (7) days after being placed in the post, postage prepaid, to the Parties at the addresses contained in this Agreement or as the Parties may later designate in writing.
  21. All of the rights, remedies and benefits provided by this Agreement will be cumulative and will not be exclusive of any other such rights, remedies and benefits allowed by law.

IN WITNESS WHEREOF the Parties have duly affixed their signatures under hand and seal on this ________ day of ________________, ________.

_____________________________
Witness

_____________________________
_________________________

_____________________________
Witness

_____________________________
_________________________

What is a Termination Agreement?

A Termination Agreement is a document used to record a contract’s cancellation. The document affirms that all parties involved in the contract agree to cancel it and relinquish all their outstanding contractual obligations.

A Termination Agreement is also known as a:

  • Notice of cancellation of contract
  • Termination of contract
  • Notice of termination of contract

When does a Termination Agreement come into effect?

You’re free to decide when your Termination Agreement comes into effect. However, all parties involved in the cancellation need to agree on the date and specify it within the agreement.

You have a few options when choosing the date your Termination Agreement comes into effect. The contract can end immediately or on a future date. There’s also the option of it coming into effect once all the parties have signed the agreement.

LawDepot also provides the option to leave the date blank. Leaving it blank allows you to fill it in later if you’re unsure when you want the contract to end officially.

Am I allowed to cancel a contract after signing it?

It’s possible to cancel a contract after signing it. If all the parties involved agree to the dissolution, you can create a Termination Agreement to make it official. However, if the original contract has any rules relating to its cancellation, your Termination Agreement must follow them.

Some contracts have it written that the parties involved have a grace period, also called a trial period, to reconsider an agreement. A trial period often allows for a contract to end without anyone giving a reason. For example, many online subscriptions come with a 15 day trial period that allows you to back out of the agreement with no questions asked.

Additionally, you may be able to terminate a contract if another involved party doesn’t uphold their end of the deal. For example, if they fail to provide a service or an item you purchased doesn’t work as advertised. Depending on the contract’s rules and guidelines, there’s a good chance you can end the agreement if the contract’s purpose isn’t fulfilled.

How to create a Termination Agreement

You can create a customised Termination Agreement by completing LawDepot’s questionnaire. Using our template ensures you complete all the necessary steps

1. Specify the kind of agreement you’re terminating

You can use a Termination Agreement to bring many types of contracts and agreements to an end. Begin the creation of your document by indicating the type of agreement you’re cancelling. A Termination Agreement can be used to cancel the following types of agreements:

  • Letting or Tenancy
  • Services
  • Loan
  • Property Purchase
  • Employment

Select ‘Other’ if the agreement you want to terminate doesn’t fall under any of these categories. You’re able to specify the precise type of agreement later in the questionnaire.

2. State your location

Countries in the United Kingdom have their own rules and regulations for terminating contracts. State which country you’re in, and we’ll customise your Termination Agreement to meet its governing laws.

We have templates for:

  • England
  • Northern Ireland
  • Scotland
  • Wales

3. State each party’s details

Include the name and address of every party involved in the contract or agreement coming to an end.

4. Specify the original contract’s details

For your Termination Agreement to be valid, there can’t be any confusion over which contract it’s cancelling. Provide the date the original contract was signed and what purpose it served.

For example, if you’re terminating a Commercial Lease Agreement or Residential Tenancy Agreement, specify that you’re ending an agreement to rent a property and provide its address.

5. Include the termination date

The termination date is the day the original contract is no longer valid. Specify when you want your Termination Agreement to take effect by selecting one of the following options:

  • Today
  • On signing this Termination Agreement
  • Unsure
  • On a specific date

Selecting ‘Unsure’ will leave a blank space in your document for you to later fill in with a termination date.

6. Specify any compensation

State if any party will receive compensation when the original contract comes to an end. For example, it’s common for an employee to receive a severance package when an Employment Contract ends.

7. Provide signing details

State when the parties will sign the Termination Agreement and whether any witnesses will be present.

You can provide the signing date later if you’re unsure when the parties will sign the document. A blank space will be available at the bottom of your agreement.

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