Mutual Rescission And Release Agreement

Mutual Rescission And Release Agreement Template for Nigeria

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Key Requirements PROMPT example:

"I need a Mutual Rescission and Release Agreement between my tech company and a software vendor to terminate our existing service agreement, effective March 1, 2025, with mutual releases and a final settlement payment of outstanding invoices."

Document background

The Mutual Rescission and Release Agreement is a critical document used when parties mutually agree to terminate their existing contractual relationship under Nigerian law. It is particularly relevant when businesses or individuals need to formally end their obligations while ensuring legal protection against future claims. This document type is commonly used in situations where the original contract's objectives have been met, circumstances have changed, or parties wish to amicably conclude their business relationship. The agreement includes essential provisions required under Nigerian contract law, addressing termination mechanics, mutual releases, settlement of accounts, and any surviving obligations. It's designed to provide a clean break while protecting all parties' interests and ensuring compliance with Nigerian legal requirements, including stamp duty obligations and execution formalities.

Suggested Sections

1. Parties: Identifies and defines the parties to the agreement

2. Background: Describes the original contract and circumstances leading to the mutual rescission

3. Definitions: Defines key terms used throughout the agreement

4. Mutual Rescission: States the parties' agreement to terminate the original contract and specifies the effective date

5. Mutual Release: Details the scope of mutual releases from obligations and claims

6. Settlement of Accounts: Addresses any final payments, refunds, or financial settlements between the parties

7. Return of Property: Specifies requirements for returning any property, documents, or materials

8. Confidentiality: Confirms continuing obligations regarding confidential information

9. Representations and Warranties: Contains basic representations about authority to enter agreement and understanding of terms

10. General Provisions: Includes standard boilerplate clauses such as governing law, entire agreement, and counterparts

Optional Sections

1. Surviving Obligations: Used when certain obligations from the original agreement should survive termination

2. Non-Disparagement: Include when parties wish to prevent negative statements about each other

3. Tax Matters: Include when there are tax implications from the termination that need to be addressed

4. Third Party Rights: Include when the termination affects rights of third parties or when third party releases are needed

5. Public Announcements: Include for high-profile agreements where public communications need to be coordinated

6. Cooperation: Include when parties need to cooperate on transition matters post-termination

Suggested Schedules

1. Original Agreement: Copy of the contract being terminated

2. Settlement Statement: Detailed breakdown of any financial settlements between the parties

3. Property Schedule: List of items to be returned or transferred between parties

4. Release Documentation: Forms or notices required to effect releases

5. Transition Plan: Timeline and responsibilities for implementing the termination

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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

Manufacturing

Technology

Real Estate

Construction

Professional Services

Retail

Healthcare

Financial Services

Energy

Telecommunications

Education

Transportation

Agriculture

Mining

Entertainment

Relevant Teams

Legal

Operations

Procurement

Finance

Compliance

Risk Management

Business Development

Commercial

Corporate Affairs

Contract Administration

Relevant Roles

Chief Executive Officer

Managing Director

Contract Manager

Legal Counsel

Business Development Manager

Operations Director

Project Manager

Procurement Manager

Commercial Director

Chief Financial Officer

Risk Manager

Compliance Officer

General Counsel

Company Secretary

Business Unit Head

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