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A Mutual Rescission and Release Agreement is a document whereby parties that previously entered into a contract with each other agree to rescind, or essentially cancel, the contract. The key elements of a Mutual Rescission and Release Agreement are the parties' rescission (ie, a record that they've agreed to pull terminate the contract) and release (ie, that they agree not to go after each other for any claims or actions in the future).
This document is different from a Deed of Release (Mutual), a Deed of Release (General One Way), or a Deed of Release for Employment because each of those documents are used only when one or more parties intend to release another party from liability. There is no contract already in place.
In contrast, this Mutual Rescission and Release is used when the parties have already entered a contract and need to release each other. It is only used when both parties jointly agree to terminate the contract.
In addition, this document is different from a Letter to Terminate Unsolicited Consumer Agreement or a Letter to Service Provider to Cancel Direct Debit because each of those documents is designed to be sent by one party, to a second party, to notify that second party that the first party wishes to terminate the relevant agreement. Instead, this Mutual Rescission and Release may be used when both parties have had a discussion, and have agreed that they will terminate the agreement. It is also more versatile and can be used for a variety of different contracts or agreements.
How to use this document
This document can be used when two parties wish to exit a contract.
In this document, identifying information about each of the parties, such as name and address, will be included. Then some specific questions will be asked about the original contract, such as the contract's name, when it was signed, and the subject matter.
It is a best practice to attach a copy of the original contract as Annexure A.
All of the parties in the original contract (the contract which is being rescinded) should also be parties to this Mutual Rescission and Release.
Once it has been completed it may be printed, and each party may sign it. Each party may keep a copy for their own records.
Mutual Rescission and Release Agreements can be covered by a variety of different laws, depending on what subject matter of the contract is covered. They will generally be overseen by state-specific law, but it can vary based on the original contract.
General principles of contract law, as provided by the common law, are also likely to apply.
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