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What's a termination of agreement and release?
Often, we put a lot of time and energy into crafting an agreement at the beginning of a business relationship, but don't always think about what documents we might need at the end. That's where a termination and release comes in—it ends the contract and releases people from their duties. And although no document can prevent lawsuits, having a termination and release makes parting ways much clearer and can help in your defense should things go sour.
Some people also call this a:
Contract termination agreement and release
Mutual termination agreement
Termination agreement definition
Termination agreement letter
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 general nature of the relationship ready (e.g., design services for a new marketing campaign).
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).