Mutual Rescission And Release Agreement Template for Austria

The Mutual Rescission And Release Agreement is a critical legal instrument used when parties wish to formally terminate their existing contractual relationship by mutual consent under Austrian law. This document is particularly useful in situations where parties want to achieve a clean break while protecting themselves against future claims. It comes into play when business relationships need to be ended amicably, whether due to changed circumstances, completion of project objectives, or strategic business decisions. The agreement comprehensively addresses termination terms, mutual releases, settlement of outstanding obligations, and post-termination responsibilities, all while ensuring compliance with Austrian legal requirements, particularly the provisions of the ABGB (Austrian Civil Code) regarding contract termination and releases.

1. Parties: Identification of all parties to the agreement, including their full legal names, addresses, and registration details if applicable

2. Background: Context of the original agreement being rescinded, including its date and purpose, and the parties' desire to terminate their relationship

3. Definitions: Key terms used throughout the agreement, including 'Original Agreement', 'Effective Date', 'Claims', and other relevant definitions

4. Mutual Rescission: Core provision stating the parties' agreement to terminate the Original Agreement and the effective date of termination

5. Outstanding Obligations: Addressing any remaining payments, returns of property, or other obligations to be fulfilled before or after termination

6. Mutual Release: Comprehensive release provisions where each party releases the other from claims relating to the Original Agreement

7. Confidentiality: Provisions regarding continuing confidentiality obligations and treatment of confidential information

8. Return of Property: Requirements for returning any physical or digital materials belonging to the other party

9. Representations and Warranties: Basic representations about authority to enter into the agreement and understanding of its effects

10. Governing Law and Jurisdiction: Specification of Austrian law as governing law and designation of competent courts

11. Entire Agreement: Standard integration clause confirming this agreement represents the entire understanding between parties

12. Execution: Signing provisions and declaration of legally binding agreement