The Cancellation Of Agreement To Sell is a crucial document used in Canadian business transactions when parties mutually agree to terminate an existing sales agreement. This document becomes necessary when circumstances change after the initial agreement, such as discovery of material issues, inability to fulfill conditions precedent, or mutual decision to abandon the transaction. It protects both parties by clearly documenting the termination terms, handling any exchanges of money or property, and providing mutual releases from future obligations. The document must comply with both federal and provincial legislation, including the relevant Sale of Goods Act, Consumer Protection Act, and common law principles in common law provinces or the Civil Code in Quebec. It's particularly important in high-value transactions or when there are complex terms to unwind.
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1. Parties: Identification of all parties to the cancellation agreement, including full legal names and addresses
2. Background: Details of the original agreement including date, subject matter, and reason for cancellation
3. Definitions: Definitions of key terms used in the cancellation agreement
4. Cancellation: Express statement of cancellation and the effective date
5. Settlement Terms: Details of any financial settlements, refunds, or return of goods
6. Mutual Release: Release of parties from obligations under the original agreement
7. Return of Property: Provisions for returning any property, documents, or materials exchanged
8. Confidentiality: Ongoing obligations regarding confidential information
9. Governing Law: Specification of applicable Canadian jurisdiction
10. Execution: Signature blocks and execution requirements
1. International Provisions: Required when parties are in different countries, addressing currency exchange and cross-border issues
2. Intellectual Property Rights: Needed when the original agreement involved IP transfers or licenses
3. Tax Implications: Required when cancellation has significant tax consequences
4. Regulatory Compliance: Needed for regulated industries or transactions
5. Dispute Resolution: Optional section for specifying dispute resolution mechanisms
6. Survival Clauses: Specifying which provisions survive the cancellation
7. Third Party Rights: Required when the cancellation affects rights of third parties
1. Schedule A - Original Agreement: Copy or summary of the original agreement being cancelled
2. Schedule B - Settlement Calculation: Detailed breakdown of any financial settlements or adjustments
3. Schedule C - Property Inventory: List of any property or materials to be returned
4. Appendix 1 - Proof of Authority: Documentation of signing authority for corporate parties
5. Appendix 2 - Release Forms: Standard release forms if required by jurisdiction
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