Contract Cancellation Agreement Information
When parties enter into a contact or agreement that at the time made sense, however, at a later point the parties agree that the contract or agreement is no longer needed, and it would be beneficial for the parties to cancel the agreement it is best done in writing. A Cancellation Agreement is the best way to do so.
A Cancellation Agreement is a document that states that the parties are agreeing to cancel the original agreement and that all duties and obligations are extinguished. If any duties or obligation or terms of the original agreement survive termination, the cancellation agreement sets that forth as well.
What Details are Included in a Cancellation Agreement:
The Parties involved, the name and date of the original agreement, reason for cancellation and how, if any obligations that survive cancellation will be handled, as well as date of cancellation. The parties then sign and date the agreement.
Other Names:
A contract cancellation agreement is also called the following: termination agreement Cancellation Agreement, Contract Cancellation Agreement, or Contract Termination Agreement.
Versions:
There are two versions of the Contract Cancellation Agreement available: The first is for a simple contract cancellation where no obligations or terms survive the cancellation. The second is a more detailed contract cancellation agreement and takes into account any surviving obligations.
** This document is the simple version. If you want the more detailed version with surviving obligations taken into account, click here.