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Mutual Cancellation Agreement
"I need a Mutual Cancellation Agreement to terminate a distribution agreement with our UAE supplier, effective March 1, 2025, including provisions for the return of marketing materials and settlement of outstanding commission payments."
1. Parties: Identification of all parties to the cancellation agreement, including their full legal names, addresses, and registration details if applicable
2. Background: Brief description of the original agreement(s) being cancelled, including date, purpose, and any relevant history leading to the mutual decision to cancel
3. Definitions: Definitions of key terms used in the agreement, including reference to the Original Agreement and Effective Date of cancellation
4. Cancellation: Clear statement of mutual agreement to cancel the Original Agreement and the effective date of such cancellation
5. Release of Obligations: Mutual release of parties from their obligations under the Original Agreement
6. Settlement of Accounts: Agreement on how any outstanding payments, obligations, or matters will be settled
7. Return of Property: Provisions regarding the return of any physical or intellectual property exchanged under the Original Agreement
8. Confidentiality: Provisions regarding ongoing confidentiality obligations that survive the cancellation
9. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and entire agreement provisions
1. Mutual Waiver of Claims: Optional section where parties mutually waive any claims against each other - include when there is a history of disputes or potential claims
2. Transition Arrangements: Include when there needs to be a handover period or specific transition steps after cancellation
3. Surviving Provisions: Detailed list of provisions from the Original Agreement that will survive termination - include when certain obligations need to continue
4. Tax Implications: Include when the cancellation has significant tax consequences that need to be addressed
5. Non-Compete/Non-Solicitation: Include when parties wish to maintain restrictions on competition or solicitation post-cancellation
6. Public Announcements: Include when the cancellation may need to be publicly announced or when parties need to agree on external communications
1. Schedule 1 - Original Agreement: Copy or details of the agreement(s) being cancelled
2. Schedule 2 - Settlement Statement: Detailed breakdown of any financial settlements agreed between the parties
3. Schedule 3 - Property Schedule: List of any physical or intellectual property to be returned or transferred
4. Schedule 4 - Outstanding Obligations: List of any obligations that need to be fulfilled before or after cancellation
5. Appendix A - Form of Release: Template for any formal releases required from the parties
6. Appendix B - Transition Plan: Detailed plan for implementing the cancellation and any transition arrangements
Authors
Real Estate & Construction
Trading & Distribution
Manufacturing
Professional Services
Technology & IT
Healthcare
Education
Retail & Consumer Goods
Financial Services
Logistics & Transportation
Energy & Utilities
Hospitality & Tourism
Legal
Compliance
Commercial
Operations
Finance
Procurement
Business Development
Risk Management
Corporate Secretariat
Contract Administration
Legal Counsel
Contract Manager
Business Development Manager
Commercial Director
Chief Executive Officer
Chief Operating Officer
Procurement Manager
Project Manager
Compliance Officer
Risk Manager
General Manager
Finance Director
Company Secretary
Operations Manager
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