Agreement to Rescind Contract of Sale

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Agreement to Rescind Contract of Sale

Agreement to Rescind Contract of Sale

{{company_name}} {{company_address}} Tel: {{phone}} Email: {{email}} Website: {{website}}

AGREEMENT TO RESCIND CONTRACT OF SALE

This Agreement to Rescind Contract of Sale (hereinafter referred to as the “Rescission Agreement”) is made and entered into on this {{day}} day of {{month}}, {{year}}, by and between:

1. {{Seller_Company_Name}} (Registration Number: {{Seller_Registration_Number}}), a company duly incorporated under the laws of {{Seller_Jurisdiction}}, with its principal place of business at {{Seller_Address}} (hereinafter referred to as the “Seller”); and

2. {{Buyer_Company_Name}} (Registration Number: {{Buyer_Registration_Number}}), a company duly incorporated under the laws of {{Buyer_Jurisdiction}}, with its principal place of business at {{Buyer_Address}} (hereinafter referred to as the “Buyer”).

The Seller and the Buyer are hereinafter collectively referred to as the “Parties” and individually as a “Party”.

RECITALS

WHEREAS, the Parties entered into a Contract of Sale dated {{Original_Contract_Date}} (hereinafter referred to as the “Original Contract”) concerning the sale and purchase of {{Description_of_Goods_or_Services}} (hereinafter referred to as the “Subject Matter”);

AND WHEREAS, the Parties now mutually desire to rescind and terminate the Original Contract, thereby releasing each other from all obligations and liabilities thereunder.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

RESCISSION OF ORIGINAL CONTRACT

The Parties hereby agree that the Original Contract, dated {{Original_Contract_Date}}, concerning the sale and purchase of {{Description_of_Goods_or_Services}}, is hereby mutually rescinded, cancelled, and terminated, effective immediately upon the execution of this Rescission Agreement.

All rights, duties, and obligations of the Parties arising out of or in connection with the Original Contract are hereby extinguished and rendered null and void.

RETURN OF CONSIDERATION

In furtherance of this Rescission Agreement, the Parties agree to the following arrangements regarding the return of any consideration exchanged under the Original Contract:

a) The Seller shall return to the Buyer the sum of {{Amount_Paid_by_Buyer}} ({{Amount_Paid_by_Buyer_Words}}) on or before {{Refund_Date}}.

b) The Buyer shall return to the Seller the {{Description_of_Goods_or_Services}} in the same condition as received, reasonable wear and tear excepted, on or before {{Return_Date}}.

c) Any other specific arrangements regarding the return of consideration, if applicable, are as follows: {{Other_Return_Arrangements}}.

NO FURTHER CLAIMS

The Parties acknowledge and agree that, upon the full execution of this Rescission Agreement and the completion of the terms outlined in Section 4 (Return of Consideration), neither Party shall have any further claims, demands, actions, or causes of action against the other Party arising out of or in connection with the Original Contract or its rescission.

GOVERNING LAW

This Rescission Agreement shall be governed by and construed in accordance with the laws of {{Governing_Law_Jurisdiction}}.

ENTIRE AGREEMENT

This Rescission Agreement constitutes the entire agreement between the Parties with respect to the rescission of the Original Contract and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter.

AMENDMENT

No amendment, modification, or waiver of any provision of this Rescission Agreement shall be effective unless in writing and signed by all Parties hereto.

COUNTERPARTS

This Rescission Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

SIGNATURES

IN WITNESS WHEREOF, the Parties have executed this Rescission Agreement as of the date first written above.

____________________________ {{Seller_Representative_Name}} {{Seller_Representative_Title}} For: {{Seller_Company_Name}}

____________________________ {{Buyer_Representative_Name}} {{Buyer_Representative_Title}} For: {{Buyer_Company_Name}}