MUTUAL RELEASE AND RESCISSION

CONTRACT CLAIMS

 

This mutual release and rescission of contract, executed on _________________ (date), between _______________________________________________________ (name) of __________________________________________________________ (address), and _________________________________________________________________ (name), of ____________________________________________________________ (address), is intended to effect the extinguishment of obligations as herein designated.

 

RECITALS

 

Disputes and differences have arisen between _________________________________ (name) and ________________________________________ (name) with respect to that certain agreement in writing entered into between the parties on _______________ (date), which agreement is hereby made a part of this release and incorporated by reference. A copy of the agreement is attached to this mutual release in order that all such claims, demands, actions, responsibilities and liabilities of the respective parties may be ascertained. The parties have agreed to execute this mutual release in settlement of such disputes and differences.

 

SECTION ONE

RELEASE

 

In consideration of the mutual relinquishment of their respective legal rights with reference to the above-mentioned disputes and differences, in consideration of the execution of this mutual release, and in consideration of the payment by ______________________________ (name) to _______________________________ (name) of $__________, receipt of which by __________________________________ (name) is acknowledged, each party for ___________ (himself or herself or himself and herself or as the case may be) and __________ (his or her or his and her or as the case may be) heirs and legal representatives, expressly releases the other, and __________ (his or her or his and her or as the case may be) heirs and legal representatives, from all liability for claims and demands arising out of the agreement as described above.

 

SECTION TWO

RESCISSION OF CONTRACT

 

The parties mutually agree that the above-mentioned agreement entered into between the parties on ______________ (date), shall be and is hereby rescinded, terminated and canceled as of __________ (date).

 

In witness whereof, the parties have executed this mutual release and rescission of contract at ___________ (designate place of execution) on the day and year first above written.

 

 

_____________________________________                      ______________________

Signature                                                                                                           Date

 

 

_____________________________________                      ______________________

Signature                                                                                                           Date

 

 (Attach copy of agreement)