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Mutual Rescission and Release Agreement

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The state chosen here should be the state that has jurisdiction over the contract. This normally means the state where the two parties are located. It can also mean the state where the original contract was signed or where the contract event (like a sale of goods or services) took place.

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Mutual Rescission and Release Agreement

State of Alabama

This Mutual Rescission and Release Agreement, hereinafter referred to as "Rescission," is entered into and made effective as ________ by and between the following parties:

________, a corporation, incorporated under the laws of the state of Alabama, having its principal place of business at the following address:

________

and

________, a corporation, incorporated under the laws of the state of Alabama, having its principal place of business at the following address:

________

Here "Party A" will refer to and be used to describe the following party: ________. "Party B" will refer to and be used to describe the following party: ________.

Party A and Party B may be referred to individually as "Party" and collectively as the "Parties."

RECITALS:

WHEREAS, Party A and Party B entered into a contract with each other entitled as follows: Sales Agreement ("Contract");

WHEREAS, the Contract was regarding the following subject matter:

________

WHEREAS, the Contract was executed on ________ and is hereto attached as Exhibit A;

WHEREAS, Party A and Party B acknowledge and agree that each desires to rescind the Contract, and neither has fully performed its obligations under the Contract;

WHEREAS, Party A and Party B, as the only parties to the Contract, hereby agree to fully rescind the Contract and release each other from any remaining duties or obligations;

NOW, therefore, in consideration of the promises and covenants contained herein, as well as other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the Parties do hereby agree as follows:

Article 1 - RESCISSION:

The Parties mutually agree that the Contract is to be considered null and void immediately upon the execution of this Rescission. Neither Party owes any continuing obligation to the other Party.


Article 2 - RELEASE:

The Parties release each other for any claims or liabilities which may arise under the Contract or from the Parties' relationship with each other through the Contract. The Parties waive any right to bring about any claims or actions related to the Contract now or in the future.


EXECUTION:


Party A Name: ________

Representative Name:________________________

Representative Signature:_____________________

Representative Title:_________________________

Date:_____________________________________


Party B Name: ________

Representative Name:________________________

Representative Signature:_____________________

Representative Title:_________________________

Date:_____________________________________

Exhibit A

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Mutual Rescission and Release Agreement

State of Alabama

This Mutual Rescission and Release Agreement, hereinafter referred to as "Rescission," is entered into and made effective as ________ by and between the following parties:

________, a corporation, incorporated under the laws of the state of Alabama, having its principal place of business at the following address:

________

and

________, a corporation, incorporated under the laws of the state of Alabama, having its principal place of business at the following address:

________

Here "Party A" will refer to and be used to describe the following party: ________. "Party B" will refer to and be used to describe the following party: ________.

Party A and Party B may be referred to individually as "Party" and collectively as the "Parties."

RECITALS:

WHEREAS, Party A and Party B entered into a contract with each other entitled as follows: Sales Agreement ("Contract");

WHEREAS, the Contract was regarding the following subject matter:

________

WHEREAS, the Contract was executed on ________ and is hereto attached as Exhibit A;

WHEREAS, Party A and Party B acknowledge and agree that each desires to rescind the Contract, and neither has fully performed its obligations under the Contract;

WHEREAS, Party A and Party B, as the only parties to the Contract, hereby agree to fully rescind the Contract and release each other from any remaining duties or obligations;

NOW, therefore, in consideration of the promises and covenants contained herein, as well as other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the Parties do hereby agree as follows:

Article 1 - RESCISSION:

The Parties mutually agree that the Contract is to be considered null and void immediately upon the execution of this Rescission. Neither Party owes any continuing obligation to the other Party.


Article 2 - RELEASE:

The Parties release each other for any claims or liabilities which may arise under the Contract or from the Parties' relationship with each other through the Contract. The Parties waive any right to bring about any claims or actions related to the Contract now or in the future.


EXECUTION:


Party A Name: ________

Representative Name:________________________

Representative Signature:_____________________

Representative Title:_________________________

Date:_____________________________________


Party B Name: ________

Representative Name:________________________

Representative Signature:_____________________

Representative Title:_________________________

Date:_____________________________________

Exhibit A