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Release From Contract Agreement

Release From Contract Agreement Template for Pakistan

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Key Requirements PROMPT example:

Release From Contract Agreement

"I need a Release From Contract Agreement for a completed construction project in Lahore, where both parties agree to mutually discharge all obligations as of March 15, 2025, with a final settlement payment of PKR 2.5 million to be made within 30 days."

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Document background
The Release From Contract Agreement is a crucial legal instrument used when parties wish to formally terminate their contractual relationships under Pakistani law. This document is particularly relevant when businesses or individuals need to end their contractual obligations before the natural completion of the contract term, or when they need to document the successful completion of all contractual obligations. The agreement, governed by the Contract Act 1872 and related Pakistani legislation, typically includes details of the original contract, terms of release, any financial settlements, and mutual releases from future claims. It's essential in situations ranging from early contract termination to documenting successful project completion, and can be used across various industries and business relationships.
Suggested Sections

1. Parties: Identification of all parties to the release agreement, including their full legal names, addresses, and any relevant registration numbers

2. Background: Context of the original contract, reason for release, and any relevant history of the contractual relationship

3. Definitions: Definitions of key terms used in the agreement, including reference to the original contract

4. Release and Discharge: Core section detailing the mutual release from obligations under the original contract

5. Consideration: Details of any payment or other consideration being provided in exchange for the release

6. Representations and Warranties: Statements by both parties confirming their authority to enter into the release and that no breach exists

7. Effective Date: Specification of when the release becomes effective

8. Governing Law: Confirmation that Pakistani law governs the release agreement

9. Execution: Signature blocks and execution formalities

Optional Sections

1. Surviving Obligations: Used when certain obligations from the original contract need to survive the release

2. Confidentiality: Include when parties wish to maintain confidentiality about the terms of release or original contract

3. Return of Property: Necessary when physical or intellectual property needs to be returned between parties

4. Non-Disparagement: Include when parties agree not to make negative statements about each other

5. Tax Implications: Include when there are significant tax considerations in the release

6. Dispute Resolution: Optional mechanism for resolving any disputes arising from the release agreement

7. Further Assurance: Include when parties may need to execute additional documents or take further actions

Suggested Schedules

1. Original Contract: Copy or details of the contract being terminated

2. Payment Schedule: If applicable, details of any settlement payments or financial arrangements

3. Outstanding Obligations: List of any remaining obligations to be fulfilled before or after the release

4. Property Register: If applicable, list of properties or items to be returned or transferred between parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

























Clauses

























Relevant Industries

Construction

Information Technology

Manufacturing

Professional Services

Real Estate

Retail

Financial Services

Healthcare

Education

Telecommunications

Energy

Logistics

Consulting

Relevant Teams

Legal

Contracts

Procurement

Finance

Operations

Risk Management

Compliance

Business Development

Corporate Secretariat

Commercial

Relevant Roles

Legal Counsel

Contract Manager

Project Manager

Business Development Manager

Chief Executive Officer

Chief Financial Officer

Chief Legal Officer

Company Secretary

Procurement Manager

Operations Manager

Risk Manager

Compliance Officer

Commercial Director

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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