Last revision: 10/03/2023
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A Mutual Rescission and Release Agreement is a document that allows the parties to rescind their contract and release themselves from their contractual obligations. When parties sign a contract, they are obligated to fulfill the terms of the contract. However, for some reason, the parties may not satisfy these terms, and the only way out might be to terminate the contract. This can be done through a Mutual Rescission and Release Agreement.
Parties to a contract can use this document to cancel any agreement, such as the IP Licensing Agreement, Joint Venture Agreement, Sale of Goods Agreement, or any other contract. Conversely, if a party wants to modify or change the terms of their agreement, the Contract Amendment should be used.
This document implies that parties are put in the same status quo as they were before they entered into their contract, and they will not be held liable to perform the obligations under the contract.
This document can be used when a party is not performing its duties under the contract, and the transaction is not working as planned. In these cases, the parties to that agreement can agree to cancel it altogether.
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 contract. After that, 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.
If one of the parties is a Nigerian company, the document can 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 organization, the document should be signed by one officer of the organization.
Each party should keep one signed copy for their record.
The general rules of contract apply to this document.
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Other names for the document: Mutual Rescission and Release Contract, Release and Rescission for Two Parties, Bilateral Rescission and Release, Rescission Agreement and Mutual Release, Rescission by Agreement