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Termination Agreement

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TERMINATION AGREEMENT

THIS TERMINATION AGREEMENT (the "Agreement") dated this ________ day of ________________, ________

BETWEEN:

_________________________ of _________________________________________________

- AND -

_________________________ of _________________________________________________
(collectively the "Parties" and individually the "Party")

BACKGROUND

The Parties are presently bound by the following contract (the "Contract") dated the 28th day of September, 2023: ____________________________________________________________________________________________________________________________________________________________.
The Parties wish to terminate the Contract and resolve any and all rights and obligations arising out of the Contract.

IN CONSIDERATION OF and as a condition of the Parties entering into this Agreement and other valuable consideration, the receipt and sufficiency of which consideration is acknowledged, the Parties agree as follows:

Termination
By this Agreement the Parties mutually terminate and cancel the Contract effective the 29th day of September, 2023.
Outstanding Obligations
The Parties acknowledge by this Agreement that the consideration provided and received by each other is fair, just and reasonable and that no further consideration, compensation or obligation will be due, payable or owing with regard to the Contract as of the execution date of this Agreement.
Release
By this Agreement, the Parties release each other from any and all claims, causes of action, demands and liabilities of whatever nature either Party had in the past, has now or may have in the future arising from or related to the Contract.
Confidentiality
The Parties acknowledge and agree that all parties to this Agreement will keep completely confidential the terms and conditions of this Agreement, the Contract and any financial, operational or confidential information of any kind not already public.
Governing Law
The Parties submit to the jurisdiction of the courts of the Province of for the enforcement of this Agreement or any arbitration award or decision arising from this Agreement. This Agreement will be enforced or construed according to the laws of the Province of.
Miscellaneous Provisions
Time is of the essence in this Agreement.
This Agreement may be executed in counterparts.Facsimile signatures are binding and are considered to be original signatures.
This Agreement will not be assigned either in whole or in part by any party to this Agreement without the written consent of the other Party.
Headings are inserted for the convenience of the Parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine gender include the feminine gender and vice versa. Words in the neuter gender include the masculine gender and the feminine gender and vice versa.
If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the Parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.
This Agreement contains the entire agreement between the Parties. All negotiations and understandings have been included in this Agreement. Statements or representations which may have been made by any Party in the negotiation stages of this Agreement may in some way be inconsistent with this final written Agreement. All such statements are declared to be of no value in this Agreement. Only the written terms of this Agreement will bind the Parties.
This Agreement and the terms and conditions contained in this Agreement apply to and are binding upon the Parties and their respective successors, assigns, executors, administrators, beneficiaries and representatives.
Any notices or delivery required in this Agreement will be deemed completed when hand-delivered, delivered by agent, or seven days after being placed in the post, postage prepaid, to the Parties at the addresses contained in this Agreement or as the Parties may later designate in writing.
All of the rights, remedies and benefits provided by this Agreement will be cumulative and will not be exclusive of any other such rights, remedies and benefits allowed by law.

IN WITNESS WHEREOF the Parties have duly affixed their signatures under hand and seal on this ________ day of ________________, ________.

_____________________________ Witness	_____________________________ _________________________
_____________________________ Witness	_____________________________ _________________________

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Termination Agreement Information

A Termination Agreement is also known as a:

Notice of cancellation of contract

Termination of contract

Cancellation agreement template

What is a Termination Agreement?

A Termination Agreement is a document that provides a formal record for the cancellation of a contract. It affirms that all parties involved in the contract have agreed to its cancellation. This agreement relinquishes all parties from their outstanding contractual obligations.

Can you cancel a contract after signing it?

If all parties involved agree to the dissolution of a contract, you may be able to cancel it.

In cancelling the contract, you must follow all rules and guidelines established in the original document. If all parties involved in a contract agree to its cancellation, you can create a Termination Agreement, bringing the contract to an end. All parties to the original contract must sign the Termination Agreement to end the contract.

Certain types of contracts have a “cooling off” period that allows parties to reconsider the agreement after signing it. You might hear people refer to this as a trial period. During this time, you can cancel the contract without giving a reason.

For example, if you sign a cell phone contract, you may have 15 days to change your mind after the contract begins depending on your province and provider. Typically, you must reach out to the company and provide written notice within the trial period.

Additionally, if the other party involved in the contract doesn’t uphold their end of the contract, you may be able to terminate the contract. This includes the other party breaching the contract’s terms, like not upholding their part of a service or your purchased item not working as advertised. While your ability to cancel a contract depends on the contract and the breach, there’s a good chance that if the purpose of the contract is not fulfilled, you’re not obligated to uphold your end.

How do you write a letter to cancel a contract?

To create a Termination Agreement and effectively terminate a contract, you and the other party must agree to end the contract. Using LawDepot’s Termination Agreement template, you can select the province of the original contract. Because different provinces have different governing laws and requirements, we customize each document for your jurisdiction.

Next, provide the names and mailing addresses of each party involved. You will also need to provide details from the original contract. Include the date the contract was signed and the purpose of the original contract.

Select a termination date after which the contract will no longer be in effect. You can choose today, the signing date of the termination agreement, or a date in the future. If you’re not sure about the date, select “Unsure” and fill it in later.

The template will prompt you to state if either party is providing any compensation as part of the Termination Agreement. If so, select the party providing compensation and state the compensation they are providing.

To finalize your document, you can select the date the involved parties will sign the agreement. You should also determine if you require witnesses to sign the agreement.

When does a Termination Agreement become effective?

You have the freedom to decide when a Termination Agreement comes into effect. However, both parties must agree on the date. You must also specify the date within the contract.

You can choose the Termination Agreement to come into effect today or you can specify a date. You can also choose to have the Termination Agreement come into effect when all the parties sign the document. This allows the document to be post-dated, meaning it will not come into effect until a later date.

If you aren’t sure when you want the contract to terminate officially, we also provide an option to leave the date blank, allowing you to fill it in later.

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