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This is a generic form of termination agreement for use when parties to a commercial contract have mutually agreed to terminate the agreement. It includes an optional mutual release of claims.
Termination may end the contract, but it does not release the parties from liability (i.e. they still may sue each other). On the other hand, a release not only terminates the contract, but releases each party from any and all liability.
drafted termination and release agreement is the definitive end of the parties' commitments, and can help prevent future misunderstandings and disputes. While no document can insulate you from later lawsuits or claims, a clear termination form can strengthen your defense if such claims arise.
A mutual release permits both parties to stop pursuing their claims against each other, including both future and current claims. Depending on the agreement you draft and what conditions it includes, parties may reserve the right to file claims for issues that haven't yet arisen related to the current dispute.
This is a generic form of termination agreement for use when parties to a commercial contract have mutually agreed to terminate the agreement. It includes an optional mutual release of claims.
Terminating is when one party declares the contract is at an end. Releasing the contract means both parties agree that it's over.