How To Draw Up A Termination Agreement

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How To Draw Up A Termination Agreement
How To Draw Up A Termination Agreement

Video: How To Draw Up A Termination Agreement

Video: PAANO GUMAWA NG TERMINATION OF AGREEMENT LETTER (HOW TO MAKE A TERMINATION OF AGREEMENT LETTER) 2022, November
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What if the counterparty is in no hurry to fulfill its obligations under the contract or otherwise violates its terms? You can go to court, but a less expensive and faster option is to draw up an agreement to terminate the contract. When terminating the contract, you must follow the provisions of Chapter 29 of the Civil Code of the Russian Federation.

How to draw up a termination agreement
How to draw up a termination agreement

It is necessary

contract

Instructions

Step 1

Remember that the Civil Code of the Russian Federation provides for the possibility of terminating the contract only in the following cases:

- by agreement of the parties;

- at the request of one party in the event of a significant violation by the other party of the terms of the contract;

- at the request of one party in the cases specified in the contract or enshrined in the law.

Termination of the contract entails the termination of all rights and obligations of the parties who entered into it.

Step 2

An agreement on termination of the contract is drawn up in the same form as the contract itself, unless otherwise provided by law or business customs. That is, if the agreement is drawn up in simple written form, the agreement must be drawn up in the same way. If the agreement has passed state registration or has been certified by a notary, the agreement must go the same way. Otherwise, the agreement will not be considered valid.

Step 3

In the header of the agreement, indicate the date and time of its preparation, positions, surnames, names and patronymics of the persons signing the agreement, as well as the documents on the basis of which the signers act (charter, notarized power of attorney or other document).

Step 4

In the text of the agreement, indicate the date and time of the conclusion of the terminated agreement, the reasons for the termination of the agreement, as well as the time the agreement entered into force. Unless otherwise specified, the agreement comes into force from the moment it is signed by both parties. It is possible that the agreement will be retroactive, that is, its effect will apply to the relationship that arose earlier. Alternatively, you can specify a future date as the effective date of the agreement, which may be required if the parties wish to complete certain obligations and "close" a certain period. Indicate how those obligations that the parties have already begun to fulfill will be fulfilled. If a refund of the amount paid is expected, indicate how the funds will be returned.

Step 5

Seal the agreement with signatures and seals of both parties. Make an agreement on termination of the agreement in two copies.

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