Sales Contract Termination Statement
Sales Contract Termination Statement
Subject: Termination of Sales Contract Agreement (Agreement ID: SC-123456)
Introduction
This statement serves as a formal notification regarding the termination of the Sales Contract Agreement (Agreement ID: SC-123456) entered into between [Your Company Name] and [Your Partner Company Name / Second Party] on January 5, 2050. This action is taken in accordance with the terms and conditions stipulated in the original contract, specifically Clause 8.2, outlining the procedures for termination.
I. Grounds for Termination
A. Non-Compliance with Contractual Obligations
-
Payment Delays: As per the original agreement, payments were to be made within a 30-day window upon receipt of invoice. The payment for Invoice ID: INV-234567, dated August 22, 2050, remains pending.
-
Quality Concerns: There have been three documented instances where the products delivered by [Your Partner Company Name / Second Party] failed the quality checks, contradicting the 'Quality Assurance' clause of our contract.
B. Breach of Contract
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Unauthorized Subcontracting: [Your Partner Company Name / Second Party] was found to have subcontracted services related to the core deliverables of the contract without prior approval, thus violating Clause 7.3 of the contract.
II. Financial Reconciliation
|
Invoice ID |
Invoice Date |
Payment Status |
Amount ($) |
|
INV-123456 |
Jan 15, 2050 |
Paid |
10,000 |
|
INV-234567 |
Aug 22, 2050 |
Pending |
12,000 |
|
INV-345678 |
Sep 30, 2050 |
Pending |
9,000 |
Total Outstanding Amount: $21,000
Late Fee as per Contract (5% per month): $1,050
Total Amount Due: $22,050
III. Required Actions
A. Return of Goods and Assets
[Your Partner Company Name / Second Party] is required to return all remaining goods, assets, and confidential information pertaining to [Your Company Name] by December 1, 2050.
B. Settlement of Outstanding Dues
All outstanding invoices should be settled by December 1, 2050, including the total amount due of $22,050.
C. Contact Details for Final Procedures
-
Financial Reconciliation: [Your Name], [Your Email]
-
Return of Goods and Assets: [Your Name], [Your Email]
IV. Legal Implications
Failure to comply with these terms may result in [Your Company Name] taking legal action against [Your Partner Company Name / Second Party]. This could include but is not limited to legal claims or civil lawsuits, as laid out in Clause 9.2 of the original contract.
V. Acknowledgment of Receipt
Please acknowledge the receipt of this termination statement by signing below and returning a scanned copy to [Your Company Email] by November 30, 2050.
Your immediate attention to the above matters is expected and appreciated.
[Your Name]
[Your Company Name]
[Your Company Email]
Recipient Signature:
[Month Day, Year]
