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A mutual agreement is a binding contract between two or more parties and can cover any contingency. The difference between a mutual agreement and a settlement not creating a trust, is determined by the operative words, ie "mutually agrees" or "settles".
Mutual AgreementDischarging by agreement allows both parties to terminate the contract without completion of the obligations. Known as mutual discharge, this occurs when parties agree that each party should be released before either has undertaken actions to perform the agreed obligations.
Dear Landlord, This letter will constitute written notice of my intention to vacate my apartment on date, the end of my current lease. I am doing so because explain the reason if you desire, such as a large increase in rent. Please recall that I made a security deposit of $ on date.
Related Definitions Termination by Mutual Consent means a termination of employment pursuant to which the Employer and Eligible Employee have agreed in writing that benefits are payable under this Plan.
The landlord and tenant can mutually agree to end the lease at any point. This agreement is called a mutual termination. The mutual termination is a negotiated agreement, and it can end the lease on whatever terms are agreeable to both parties.