Agreement to Rescind Contract of Sale

{{company_name}}

{{company_address}}

Phone: {{phone}} | Email: {{email}} | Web: {{website}}

Agreement to Rescind Contract of Sale

Agreement to Rescind Contract of Sale

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

AGREEMENT TO RESCIND CONTRACT OF SALE

This Agreement to Rescind Contract of Sale ('Rescission Agreement') is made and entered into on this {{day}} day of {{month}}, {{year}},

BETWEEN:

{{seller_name}} of {{seller_address}} (hereinafter referred to as 'the Seller')

AND

{{buyer_name}} of {{buyer_address}} (hereinafter referred to as 'the Buyer')

(hereinafter collectively referred to as 'the Parties').

RECITALS

WHEREAS, the Parties previously entered into a Contract of Sale dated {{original_contract_date}} for the sale and purchase of {{item_description}} (hereinafter referred to as 'the Original Contract'). A copy of the Original Contract is attached hereto as Annexure 'A'.

WHEREAS, the Parties mutually desire to rescind and terminate the Original Contract, thereby releasing each other from their respective 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:

1. RESCISSION OF ORIGINAL CONTRACT

The Parties hereby mutually agree to rescind and declare null and void the Original Contract dated {{original_contract_date}}.

2. RELEASE AND DISCHARGE

Effective from the date of this Rescission Agreement, the Parties hereby release and forever discharge each other, their heirs, executors, administrators, successors, and assigns from any and all claims, demands, actions, causes of action, obligations, damages, and liabilities whatsoever, whether known or unknown, arising out of or in connection with the Original Contract.

3. RETURN OF DEPOSIT/PAYMENT

The Seller agrees to return to the Buyer the sum of {{amount_to_be_returned}} ({{amount_in_words}}) which represents {{description_of_payment_returned}} previously paid by the Buyer under the Original Contract. This payment shall be made by {{method_of_payment}} on or before {{return_payment_date}}.

4. RETURN OF GOODS/PROPERTY

The Buyer agrees to return the {{item_description}} to the Seller on or before {{return_goods_date}} at {{return_location}}. The {{item_description}} shall be returned in its current condition, fair wear and tear excepted.

5. COSTS

Each Party shall bear its own costs and expenses incurred in connection with the negotiation, preparation, and execution of this Rescission Agreement, unless otherwise agreed in writing.

OR (Choose one)

The Parties agree that the costs associated with this rescission, including {{specify_costs}}, shall be borne by {{party_responsible_for_costs}}.

6. ENTIRE AGREEMENT

This Rescission Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior discussions, negotiations, and agreements, whether oral or written, relating thereto.

7. GOVERNING LAW AND JURISDICTION

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

Any dispute arising out of or in connection with this Rescission Agreement shall be subject to the exclusive jurisdiction of the courts of {{country/jurisdiction_of_courts}}.

8. SIGNATURES

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

_____________________________

SELLER: {{seller_name}}

Date: {{date}}

_____________________________

BUYER: {{buyer_name}}

Date: {{date}}