Free Maintenance Contract Termination Template
Maintenance Contract Termination
This Maintenance Contract Termination Agreement (the "Agreement") is entered into on January 1, 2050, by and between [Your Company Name], a corporation duly organized and existing under the laws of Nevada, with its principal office located at [Your Company Address] (hereinafter referred to as the "Service Provider"), and DynaFive, a corporation duly organized and existing under the laws of Maryland, with its principal office located at Baltimore, MD 21201 (hereinafter referred to as the "Client").
I. Termination of Agreement
This Agreement formalizes the termination of the Maintenance Contract entered into between the parties on March 15, 2048 (the "Original Contract"). The Original Contract will be terminated in accordance with the terms outlined herein.
II. Effective Date of Termination
The termination of the Original Contract shall be effective as of January 1, 2050, or the date mutually agreed upon by both parties, whichever occurs later. All obligations and duties under the Original Contract shall cease as of this date, except as provided in this Agreement for any continuing obligations.
III. Termination Conditions
1. Termination by Mutual Agreement
-
Both parties mutually agree to terminate the Original Contract, recognizing that each has the authority to do so and that all due payments up to the termination date have been settled.
2. Termination for Cause
-
Either party may terminate the Original Contract immediately if the other party breaches a material term of the agreement. In such a case, the terminating party must provide written notice specifying the breach, and the non-breaching party shall have 15 days to remedy the breach. If the breach is not cured within this period, the termination will become effective upon expiration of this notice period.
3. Termination for Convenience
-
Either party may terminate the Original Contract for convenience by providing written notice at least 30 days prior to the termination date. No cause needs to be provided for such a termination.
IV. Obligations of the Parties upon Termination
1. Final Payments
-
The Client agrees to make any outstanding payments for services rendered up until the termination date. Any services provided after the termination date will be billed separately, as agreed upon by both parties in writing.
2. Return of Property and Equipment
-
The Client shall return all property, equipment, or materials provided by the Service Provider under the Original Contract. This includes any tools, manuals, or other items necessary for the performance of maintenance services, which shall be returned within 15 days from the termination date.
3. Confidentiality Obligations
-
Both parties acknowledge that any confidential information disclosed during the term of the Original Contract remains confidential and shall not be disclosed to third parties after the termination of the contract. Each party will continue to honor the confidentiality obligations outlined in the Original Contract.
V. Liabilities and Claims
1. Indemnity
-
The Client agrees to indemnify and hold harmless the Service Provider from any claims, losses, or damages arising from the termination of the Original Contract, except where caused by the gross negligence or willful misconduct of the Service Provider.
2. Release of Claims
-
Upon execution of this Agreement, both parties mutually release each other from any further claims arising out of the Original Contract, except for claims related to payments owed or breaches of the confidentiality obligations.
VI. Dispute Resolution
In the event of any dispute arising from the termination of the Original Contract or this Agreement, the parties agree to resolve the dispute through mediation. If mediation is unsuccessful, the dispute shall be settled through binding arbitration, conducted in Nevada, and governed by the rules of the American Arbitration Association.
VII. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the state of Nevada, without regard to its conflict of laws provisions.
VIII. Signatories
This Agreement is effective as of the date written below and is executed by the duly authorized representatives of both parties.
For [Your Company Name]:
[Your Name]
[Your Company Name]
Date: January 1, 2050
For DynaFive:
Carmel Ryan
DynaFive
Date: January 1, 2050
For any questions or further clarifications regarding this Agreement, please contact [Your Name] at [Your Email] or [Your Company Email].
