Termination Statement
Termination Statement
This document serves as the official termination statement between [YOUR COMPANY NAME] (Party ONE) and [PARTY TWO'S NAME] (Party Two), henceforth concluding any obligations, rights, and responsibilities as mutually agreed upon in the previously binding agreement referred to herein as "Supply Agreement" signed on January 15, 2052. This statement is issued on April 26, 2053.
I. Confirmation of Termination
This section acknowledges the mutual agreement to terminate the existing legal relationship or agreement identified above. Both parties consent to cease all engagements and transactions as per the terms specified in the initial agreement unless otherwise noted here.
II. Final Settlement and Obligations
Both parties agree that the following settlements have been made and that no further claims shall be made by either party:
-
The final payment of $50,000 has been made by [YOUR COMPANY NAME] to [PARTY TWO'S NAME] on April 20, 2053.
-
All products/services under the agreement have been delivered and accepted as per the terms up to the termination date.
III. Release from Liability
Upon the effective date of this termination, each party releases the other from all liabilities, obligations, and claims that could arise under the original agreement from this day forward.
IV. Continuation of Binding Provisions
Notwithstanding the termination, the following provisions will continue to apply and bind both parties:
IV.I Confidentiality: This provision ensures that both parties agree to maintain the confidentiality of any sensitive information disclosed during the agreement, even after its termination. It prohibits the unauthorized use or disclosure of confidential information and specifies the obligations and responsibilities related to confidentiality.
IV.II Dispute Resolution: This provision outlines the agreed-upon methods and procedures for resolving any disputes or disagreements that may arise between the parties, including mediation, arbitration, or other alternative dispute resolution mechanisms. It ensures that disputes are handled efficiently and by the terms outlined in the original agreement.
IV.III Surviving Provisions: This provision clarifies that certain terms or obligations within the agreement are intended to remain in effect even after the termination of the main agreement. These may include confidentiality obligations, dispute resolution procedures, indemnification clauses, and other key provisions necessary to enforce the rights and responsibilities of the parties beyond the termination date.
V. Miscellaneous
This termination statement is executed without prejudice to any party's right under the agreement which due to their nature survives the termination or by applicable law.
This statement has been prepared by [YOUR NAME] under the purview of [YOUR COMPANY NAME]. Each party acknowledges that they have read, understood, and agreed to the terms laid out in this statement.
VI. Signatures
[YOUR COMPANY NAME]
[DATE SIGNED]
[PARTY TWO's NAME]
[DATE SIGNED]
