A Release And Cancellation Of Contract is essential when parties wish to formally terminate their contractual relationship under Singapore law. This document is typically used when both parties agree to end their obligations before the natural completion of the contract term. It provides clear documentation of the termination, includes provisions for settling any outstanding matters, and ensures legal certainty regarding the end of contractual obligations. The document should address aspects such as mutual releases, settlement terms, surviving obligations, and confidentiality requirements, all while complying with Singapore's legal framework.
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1. Parties: Identification of all parties to the release and cancellation
2. Background: Details of the original contract and circumstances leading to cancellation
3. Definitions: Key terms used in the release document
4. Release Terms: Specific terms of the release and cancellation
5. Mutual Release: Statement of mutual release of obligations
6. Effective Date: When the release and cancellation takes effect
7. Governing Law: Confirmation of Singapore law as governing law
1. Surviving Obligations: Any obligations that continue after cancellation
2. Confidentiality: Obligations regarding confidential information
3. Return of Property: Provisions for returning any property or materials
4. Payment Provisions: Details of any final payments or settlements
1. Original Contract: Copy of the contract being cancelled
2. Settlement Details: Schedule of any payments or settlements agreed
3. Property Schedule: List of items to be returned
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