The Release Of Contract Letter is a crucial document used in Malaysian business and legal contexts when parties mutually agree to terminate their contractual relationship before its natural conclusion. This document is essential when businesses or individuals need to formally end their contractual obligations while ensuring legal compliance with Malaysian contract law, particularly the Contracts Act 1950. It serves multiple purposes including documenting the mutual agreement to terminate, specifying the effective date of release, outlining any financial settlements, addressing the return of property or confidential information, and providing legal protection against future claims. The Release Of Contract Letter is particularly important in commercial relationships where a clean break and clear documentation of the termination terms are necessary for risk management and future reference.
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1. Letter Header: Date, recipient's name and address, and appropriate reference numbers
2. Subject Line: Clear identification of the letter's purpose - Release of Contract
3. Contract Reference: Details of the original contract including date, parties involved, and contract reference number
4. Release Statement: Clear statement of mutual agreement to terminate the contract and release date
5. Settlement Terms: Any financial or other settlements agreed upon as part of the release
6. Mutual Release: Statement releasing both parties from future claims and obligations
7. Acknowledgment: Confirmation that both parties understand and agree to the terms of release
8. Execution Block: Signature blocks for both parties with dates and company stamps if applicable
1. Surviving Obligations: List of any contractual obligations that will survive the release (e.g., confidentiality, non-compete clauses)
2. Return of Property: Details regarding the return of any company property, documents, or materials
3. Outstanding Payments: Section detailing any final payments or financial settlements required
4. Non-Disparagement: Mutual agreement not to make negative statements about each other
5. Governing Law: Specific reference to Malaysian law and jurisdiction for any disputes
6. Witness Section: Additional space for witness signatures if required for added legal certainty
1. Schedule A - Financial Settlement: Detailed breakdown of any financial settlements, including payment terms and deadlines
2. Schedule B - Property List: Itemized list of any property or materials to be returned
3. Schedule C - Original Contract: Copy of the original contract being released
4. Appendix 1 - Release Calculation: Calculations for any pro-rated refunds or final payments if applicable
Relevant legal definitions
Original Contract
Effective Date
Release Date
Parties
Releasing Party
Released Party
Settlement Amount
Confidential Information
Company Property
Outstanding Obligations
Claims
Mutual Release
Business Day
Notice
Settlement Agreement
Governing Law
Identity Card
Company Registration Number
Contract Reference Number
Release Payment
Effective Date
Release Date
Parties
Releasing Party
Released Party
Settlement Amount
Confidential Information
Company Property
Outstanding Obligations
Claims
Mutual Release
Business Day
Notice
Settlement Agreement
Governing Law
Identity Card
Company Registration Number
Contract Reference Number
Release Payment
Clauses
Mutual Release
Settlement Terms
Release Date
Payment Terms
Confidentiality
Non-Disparagement
Return of Property
Surviving Obligations
Representations and Warranties
Governing Law
Complete Agreement
Severability
Notice
No Admission of Liability
Binding Effect
Amendment
Counterparts
Further Assurance
Legal Costs
Dispute Resolution
Settlement Terms
Release Date
Payment Terms
Confidentiality
Non-Disparagement
Return of Property
Surviving Obligations
Representations and Warranties
Governing Law
Complete Agreement
Severability
Notice
No Admission of Liability
Binding Effect
Amendment
Counterparts
Further Assurance
Legal Costs
Dispute Resolution
Relevant Industries
Manufacturing
Information Technology
Professional Services
Construction
Real Estate
Healthcare
Education
Retail
Financial Services
Telecommunications
Logistics
Consulting
Energy
Hospitality
Relevant Teams
Legal
Procurement
Human Resources
Finance
Operations
Commercial
Risk Management
Compliance
Administration
Contract Management
Corporate Secretariat
Relevant Roles
Legal Counsel
Contract Manager
Procurement Manager
Human Resources Director
Business Development Manager
Project Manager
Chief Financial Officer
Operations Manager
Commercial Director
Risk Management Officer
Compliance Officer
General Manager
Company Secretary
Administrative Manager
Chief Executive Officer
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