Declaration Of Rescission Of Surety
Declaration of Rescission of Surety
I. Introduction
This Declaration of Rescission of Surety ("Declaration") is issued by [YOUR COMPANY NAME], represented herein by [YOUR NAME], in the capacity of [YOUR TITLE/POSITION], hereby revoking the surety bond agreement previously entered into between [YOUR COMPANY NAME] and [OBLIGEE'S NAME], dated [DATE OF ORIGINAL SURETY AGREEMENT].
II. Background
Whereas, [YOUR COMPANY NAME] and [OBLIGEE'S NAME] entered into a surety bond agreement on [DATE OF ORIGINAL SURETY AGREEMENT] ("Original Agreement"), pursuant to which [YOUR COMPANY NAME] provided surety to [OBLIGEE'S NAME] for [PURPOSE/SCOPE OF THE SURETY BOND].
III. Reasons for Rescission
Upon careful review and consideration, it has been determined that the conditions outlined in the Original Agreement are no longer applicable or have been fully fulfilled. Consequently, it is in the best interest of all parties involved to rescind the surety bond agreement.
IV. Legal Basis
This Declaration of Rescission of Surety is made in accordance with the terms and conditions stipulated in the Original Agreement and applicable laws governing surety bonds in [JURISDICTION/REGION].
V. Termination of Surety Agreement
In light of the aforementioned reasons and legal basis, [YOUR COMPANY NAME] hereby declares the rescission and termination of the surety bond agreement entered into with [OBLIGEE'S NAME] under the Original Agreement, effective immediately upon the receipt of this Declaration.
VI. Release of Obligations
With the rescission of the surety bond agreement, [YOUR COMPANY NAME] hereby releases [OBLIGEE'S NAME] from any and all obligations, liabilities, and responsibilities arising from the Original Agreement, including but not limited to any future claims, demands, or actions related thereto.
VII. Notification
A copy of this Declaration shall be provided to [OBLIGEE'S NAME] and any other relevant parties involved in the Original Agreement for their records and reference.
VIII. Conclusion
In conclusion, this Declaration of Rescission of Surety signifies the formal cancellation and termination of the surety bond agreement between [YOUR COMPANY NAME] and [OBLIGEE'S NAME], relieving both parties of their respective obligations thereunder.
IX. Signature
Signed and sealed on this [DATE OF SIGNING].
[YOUR NAME]
[YOUR TITLE/POSITION]
[YOUR COMPANY NAME]
