Termination Of Agreement And Release

TERMINATION OF AGREEMENT AND RELEASE

This Termination of Agreement and Release (the “Termination Agreement”) is effective [DATE],

BETWEEN: [NAME OF PARTY A] (“Party A”), an individual with their main address located at:

[YOUR COMPLETE ADDRESS]

AND: [NAME OF PARTY B] (“Party B”), an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at:

[YOUR COMPLETE ADDRESS]

Collectively, Party A and Party B shall be referred to as the “Parties.”

WHEREAS, the Parties wish to terminate the Agreement [SPECIFY THE AGREEMENT AND THE EFFECTIVE DATE] and release each other from the liabilities of the abovementioned Agreement;

WHEREAS, the Parties wish to evidence their contract in writing;

NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:

PURPOSE

The Parties

have previously entered into a

[NAME OF AGREEMENT AND THE EFFECTIVE DATE]

. By way of this Termination Agreement,

the

arties

desire to completely and immediately terminate the

[NAME OF THE AGREEMENT]

, and acknowledge and agree that, except as otherwise expressly set forth in Section 4 below, neither

arty shall have any obligation or liability to the other in connection with the

[NAME OF THE AGREEMENT]

The abovementioned agreement is attached to this Termination Agreement as Exhibit A.

TERMINATION

The Parties

hereby terminate immediately, for mutual convenience, the

[NAME OF THE AGREEMENT]

and any amendments thereto. Effective immediately upon execution of this Termination Agreement, neither

arty shall have (except as otherwise expressly set forth in

this Termination Agreement

) any obligation, responsibility, or liability to the other

arty for any reason whatsoever in connection with the

[NAME OF THE AGREEMENT]

MUTUAL RELEASE

Effective immediately upon execution of this Termination Agreement, each

arty releases and forever discharges the other

arty and all of its employees, agents, successors, assigns, legal

representatives, affiliates, directors and officers from and against any and all actions, claims, suits, demands, payment obligations or other obligations or liabilities of any nature whatsoever, whether known or unknown, which such

arty or any of its employees, agents, successors, assigns, legal representatives, affiliates, directors and officers have had, now have or may in the future have directly or indirectly arising out of (or in connection with) any of the

[NAME OF THE AGREEMENT]

, including any activities undertaken pursuant to any of the

[NAME OF THE AGREEMENT]

TERMINATION FEE

In consideration of the termination of the

[NAME OF THE AGREEMENT]

and the release of all obligations thereunder,

Party A

shall pay

Party B

a termination fee (the “Termination Fee”) in the aggregate sum of

[SPECIFY THE AMOUNT]

, payable by wire transfer.

LANGUAGE OF THE

AGREEMENT

The language of the Agreement shall be

the

English Language, which shall be

the

binding and controlling language for all matters relating to the meaning or interpretation of the Agreement.

COMMUNICATION

Unless otherwise required by or advisable under applicable law or regulation, neither

arty shall disclose the termination of the

[NAME OF THE AGREEMENT]

or terms thereof without the consent of the other

arty. The

arties agree to cooperate on all customer communications related to this Termination Agreement.

SEVERABILITY

If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or u

nenforceable, 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 shall in no way be affected, impaired or invalidated as a result.

MODIFICATIONS

Any modifications to the present Agreement shall be made after the w

ritten approval of the Parties.

NOTICES

Any notices or delivery required here shall be deemed completed when hand-delivered, delivered by agent, or seven (7) days after being placed in the post,

postage prepaid, to the Parties

at the addresses contained in this Agreement or as the

arties may later designate in writing at the address provided by the

Parties

SUCCESSORS

This

greement shall be binding on and inure to the benefit of the respective successors, assigns, and personal representatives of the

arties, except to the extent of any contrary provision in this

greement.

GOVERNING LAW AND JURISDICTION

This

greement shall be construed and enforced in accordance with the laws of

[STATE/PROVINCE].

The Parties

submit to the jurisdiction of the courts of

[STATE/PROVINCE]

for the enforcement of this Agreement or any arbitration award or decision arising from this Agreement

MEDIATION AND ARBITRATION

In the event a dispute arises out of or in connection w

ith this Agreement, the Parties

shall attempt to resolve the dispute through friendly consultation.

If the dispute is not resolved within a period of [

NUMBER OF

DAYS] days

then any or all outstanding issues may be submitted to mediation in accordance with any statutory rules of mediation. If mediation is not successful in resolving the entire dispute or is unavailable, any outstanding issues shall be submitted to final and binding arbitration in accordance with the laws of

[STATE/PROVINCE]

The arbitrator's award shall be final, and judgment may be entered upon it by any court having jurisdiction within

[STATE/PROVINCE].

ENTIRE AGREEMENT

This

Termination

Agreement contains the entir

greement between the Parties

. All negotiations and understandings have been included in this Agreement. Statements or representations which m

ay have been made by any Party

to this Agreement 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 shall bind the

Parties

BINDING EFFECT

This

Termination

Agreement and the terms and conditions contained in this Agreement apply to and are binding upon the Part

's successors, assigns, executors, administrators, beneficiaries, and representatives.

IN WITNESS WHEREOF, the Parties have executed this Agreement on [DATE].

PARTY A PARTY B

Authorized Signature Authorized Signature

Print Name and Title Print Name and Title

EXHIBIT A

[SPECIFY THE AGREEMENT AND ATTACH A COPY OF IT TO THIS DOCUMENT]

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