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Contract Cancellation Agreement
"I need a Contract Cancellation Agreement to terminate our IT services contract with TechServe AG effective March 1, 2025, with all services to be wrapped up and final payments settled by April 30, 2025."
1. Parties: Identification of all contracting parties, including their full legal names, addresses, and registration details if applicable
2. Background: Context of the original contract, reference to the original agreement date and key terms, and brief explanation of why parties are entering into this cancellation agreement
3. Definitions: Definitions of key terms used in the agreement, including reference to defined terms from the original contract where relevant
4. Termination: Clear statement of mutual agreement to terminate the original contract and the effective date of termination
5. Settlement of Accounts: Details of any final payments, reconciliation of accounts, or financial settlements between the parties
6. Return of Property: Provisions regarding the return or disposal of any property, documents, or materials exchanged under the original contract
7. Release of Obligations: Mutual release of parties from their obligations under the original contract, subject to any surviving provisions
8. Governing Law: Confirmation that Swiss law governs the cancellation agreement
9. Signatures: Execution blocks for all parties and any required witnesses
1. Surviving Obligations: Used when certain provisions from the original contract need to survive termination (e.g., confidentiality, intellectual property rights)
2. Confidentiality: Include when parties need to maintain confidentiality about the termination or specific aspects of the original contract
3. Non-Disparagement: Used in sensitive terminations where parties agree not to make negative statements about each other
4. Dispute Resolution: Include when parties want to specify how any future disputes related to the termination will be handled
5. Tax Provisions: Include when the termination has specific tax implications that need to be addressed
6. Insurance and Indemnification: Used when ongoing insurance obligations or indemnification provisions need to be addressed
7. Third Party Rights: Include when the termination affects rights of third parties or requires third party consents
1. Schedule of Outstanding Payments: Detailed list of any final payments, credits, or debits to be settled between parties
2. Property Return Schedule: Inventory of physical or intellectual property to be returned or transferred
3. Timeline Schedule: Detailed timeline for implementing various aspects of the termination
4. Surviving Provisions List: Comprehensive list of provisions from the original contract that will survive termination
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