This release agreement (the “Agreement”) by and between [PartyA.FirstName][PartyA.LastName] with address at [PartyA.State][PartyA.StreetAddress][PartyA.City] and [PartyB.FirstName][PartyB.LastName]with address at [PartyB.State][PartyB.StreetAddress][PartyB.City] on [Document.CreatedDate]. Both will be referred to individually as “party” and collectively as “parties.”
Through this agreement, both parties terminate the previous contract (Name of the contract) (referred to here as “the contract”) signed on (add date) and respond to (enter a description of the previous contract). According to the terms and conditions established in the previous agreement and releasing each other from any claims they had, have, or might have in connection with the contract. In consideration of the preceding, in this legal agreement, both parties agree as follows:
TERMINATION OF THE CONTRACT
Both parties agree that the previous contract (enter the name of the contract) shall be finalized on (add date) and shall have no further effect upon the termination date, releasing both parties of all their responsibilities in connection to the contract.
Due to the early termination of the contract, Party A agrees to pay Party B an amount of $(Insert Amount), which shall be paid on or before (add date). Assuming that all previous payments by the contract have been fulfilled. Both parties agree that no additional fees are due from either party concerning the contract and deny any right to request other considerations.
Both parties agree to release each other irrevocably and unconditionally. Forever discharging each other and any of their representatives, employees, affiliates, partners, or team members involved from any past, present, or future obligations, claims, complaints, damages, causes of action, liabilities, losses, penalties, expenses, of any kind, either known or unknown, arising out of relating to the contract. Each party confirms and warrants that they have not initiated any legal action or procedure with any type of government authority or court of law against the other party in this country or another.