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What's a termination of agreement and release?
Often, a lot of time and energy goes into crafting an agreement to begin a business relationship, but we don't always think about what we might need at the end. A termination and release, also known as a contract termination agreement and release or a mutual termination agreement, ends the contract and releases people from their duties. And although no document can prevent lawsuits, it can help should things go sour.
Here's the info you'll need to have handy to complete your doc:
Who it's coming from
Determine if a business or individual is sending the doc and have the name and contact info ready.
Who it's going to
Know who this doc is going to and have the individual or business name and contact info ready. If it's a business, make sure you know the business type (LLC, corporation, etc.).
Which state will govern it
Specify a state so it's clear what laws apply to the document.
Have a summary of the nature of the original contract ready, as well as any specifics within it about terminating the agreement.
Be clear about when the original contract will be terminated.
Things to return
If either you or the other company needs to return things like laptops or merchandise, have that list ready (as well as a date when they will be returned).