Mutual Rescission and Release Agreement - Template Form Pro · AU-law
✓ Valid in Australia · drafted to comply with local law
Create your Mutual Rescission and Release Agreement - Template Form for use in Australia. Answer a few plain-English questions and the document fills in automatically as you go — then download it in Word and PDF, ready to sign or share. This version has been professionally rewritten to comply with local law.
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MUTUAL RESCISSION AND RELEASE DEED
This Mutual Rescission and Release Deed (the "Deed") is made and effective on ________.
PARTIES
FIRST PARTY:
________ ________
Of the following address:
________
AND
SECOND PARTY:
________ ________
Of the following address:
________
RECITALS
A. Each party to this Deed may be referred to individually as a "Party" and collectively as the "Parties".
B. The Parties entered into a contract dated ________, entitled as follows (the "Contract"):
________;
C. The Contract concerned the following subject matter:
________;
D. A copy of the Contract is attached to this Deed and marked as Annexure A.
E. The Parties wish to rescind the Contract and mutually release each other from their respective obligations under it, on the terms and conditions set out in this Deed.
NOW THIS DEED WITNESSES that in consideration of the mutual promises and covenants contained in this Deed, and for other good and valuable consideration (the receipt and sufficiency of which is acknowledged by each Party), the Parties agree as follows:
1. ACKNOWLEDGEMENT
1.1 The Parties each acknowledge and agree that, although the Parties have not fully performed their respective obligations under the Contract, each Party desires to rescind the Contract and to be mutually released from all obligations under it.
1.2 The Parties acknowledge that this Deed is entered into freely and voluntarily and that each Party has read and understood its terms.
2. RESCISSION
2.1 The Parties mutually agree that the Contract is rescinded and terminated with effect on and from the date of this Deed.
2.2 The Parties mutually agree that, on and from the date of this Deed, no Party has any continuing obligations, duties, rights or entitlements under the Contract, and the Contract is of no further force or effect.
2.3 To the extent that any consideration, deposit, payment, goods or property has passed between the Parties under the Contract, the Parties agree that such matters are dealt with as follows: ________.
3. MUTUAL RELEASE
3.1 Each Party hereby releases, acquits and forever discharges the other Party, and each of its officers, employees, directors, agents, contractors, assignees, successors and other representatives, from any and all claims, demands, actions, causes of action, liabilities, damages, costs and expenses of whatsoever nature, whether known or unknown, present or future, at law, in equity or under statute, arising out of or in connection with the Contract.
3.2 Each Party covenants and agrees that it will not commence, maintain, prosecute or assist in any claim, action, suit or proceeding against the other Party in respect of any matter released under this Deed, and this Deed may be pleaded as a complete bar and defence to any such claim, action, suit or proceeding.
3.3 The releases contained in this clause 3 are intended to be, and operate as, a full and final settlement of all matters arising out of or in connection with the Contract.
3.4 Nothing in this Deed operates to release any Party from its obligations under this Deed itself, nor from any liability arising from fraud or wilful misconduct.
4. NO ADMISSION
4.1 This Deed, and the entry into and performance of it, is not and shall not be construed as an admission of liability, wrongdoing or fault by any Party, all such liability being expressly denied.
5. WARRANTIES REGARDING LEGAL ADVICE
Each Party (which for the purposes of this clause shall be referred to as the "Warranting Party" as the context requires) respectively warrants and represents:
(a) that the Warranting Party fully understands the terms of this Deed;
(b) that the Warranting Party has had the opportunity to obtain independent legal advice in relation to the matters addressed by this Deed and the Warranting Party has either:
(i) taken such independent legal advice; or
(ii) elected not to take such independent legal advice;
(c) that the Warranting Party has the legal capacity and authority to enter into and perform this Deed; and
(d) that the Warranting Party has not been induced to enter this Deed by any representation made by any other Party or by any officer, employee, director, agent, contractor, assignee, successor or other representative of any other Party, except as expressly provided in this Deed.
6. GENERAL PROVISIONS
6.1 GOVERNING LAW AND JURISDICTION: This Deed is governed by and construed in accordance with the laws in force in ________ and the Commonwealth of Australia. Each Party irrevocably and unconditionally submits to the exclusive jurisdiction of the courts of ________ and the courts competent to determine appeals from those courts, and waives any objection to the venue of any proceedings on the ground that they have been brought in an inconvenient forum.
6.2 LANGUAGE: All communications made or notices given pursuant to this Deed shall be in the English language.
6.3 ASSIGNMENT: Neither Party may assign, transfer, charge or otherwise deal with its rights or obligations under this Deed without the prior written consent of the other Party.
6.4 AMENDMENTS: This Deed may only be amended, varied or modified by a written instrument executed by both Parties.
6.5 RIGHTS, REMEDIES AND POWERS: Unless expressly provided in this Deed, any rights, remedies or powers which a Party acquires under this Deed are cumulative and apply in addition to any rights, remedies or powers which that Party may otherwise have at law or in equity. Unless expressly provided in this Deed, nothing in this Deed shall in any way reduce, extinguish, postpone, restrict or otherwise limit any right, remedy or power which that Party may have.
6.6 SURVIVAL: Any provisions of this Deed which by their nature would be expected to survive completion shall remain in full force and effect, including (without limitation) the releases and covenants in clause 3.
6.9 ENTIRE AGREEMENT: This Deed constitutes the entire agreement between the Parties in relation to its subject matter and supersedes all prior or contemporaneous representations, understandings, negotiations and agreements, whether written or oral.
6.10 COUNTERPARTS: This Deed may be executed in any number of counterparts (including by electronic means), each of which when executed and delivered constitutes an original and all of which together constitute one and the same instrument. If the dates of execution differ, this Deed takes effect on the date on which the last Party executes it.
6.11 FURTHER ASSURANCES: Each Party must, and must ensure that its directors, employees, officers, agents, representatives and contractors do, all things and sign, execute and deliver all documents, agreements and instruments reasonably required to give full effect to this Deed and to the rights and obligations of the Parties created under it.
6.12 COSTS: Each Party bears its own legal and other costs in connection with the negotiation, preparation and execution of this Deed.
6.13 NOTICES: Any notice under this Deed must be in writing and delivered to the relevant Party at the address set out above or such other address as that Party may notify in writing from time to time.
EXECUTED AS A DEED
EXECUTED by ________:
..................................................
Signature of authorised signatory
________
Name of authorised signatory
________
Position / Capacity
Date: ________
In the presence of:
..................................................
Witness Signature
________
Witness Name
________
Witness Occupation
________
Witness Address
EXECUTED by ________:
..................................................
Signature of authorised signatory
________
Name of authorised signatory
________
Position / Capacity
Date: ________
In the presence of:
..................................................
Witness Signature
________
Witness Name
________
Witness Occupation
________
Witness Address
Annexure A
Attach here a copy of the contract which is being rescinded.
Fields you complete are inserted into the document live. This template is general guidance only — not legal advice.