COVID-19 Mutual Rescission and Release Agreement

A Mutual Rescission and Release Agreement is a document by which parties who have previously entered a binding contract agree to cancel the contract.

When parties sign a contract, they are obligated to satisfy the terms of their transaction. However, due to the coronavirus pandemic, many people have become incapable of fulfilling their contractual obligations, and many contracts have been frustrated. Therefore, this document provides an ideal way to end the contract.

This document can be used to cancel any contract provided that all the parties agree to its cancellation. On the other hand, if the parties do not want to terminate the agreement altogether, but want to change some terms of their agreement, the Contract Amendment should be used instead.

How to use this document

The first step is to ensure that all the parties to the contract have agreed to cancel or invalidate their agreement. Following this, this document should be completed by entering all the required information.

After completing the document, it should be printed, and copies of this document should be signed by all the parties to the agreement. Each party should keep one signed copy for their record.

If one of the parties is a Nigerian company, the document should be signed by either two directors of the company or one director and one company secretary. If one of the parties is a business name, incorporated trustees, or other registered organizations, the document should be signed by one officer of the organization.

Note that once this document is signed, the parties to the contract will not be held liable to perform the obligations under the contract.

Applicable law

The general rules of contract apply to this document. Also, the

How to modify the template

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.