Date: ________
By ________ (with acknowledgement of receipt)
To,
________
________
Dear Sir/Madam,
Re: Notice of Termination of the agreement titled "________" dated ________
1. We refer to the agreement titled "________" dated ________ (the "Agreement") entered into at ________ by and between ________, having its principal place of business/residence at ________ ("You"), and ________, having its principal place of business at ________ ("We", "Us" or "Our"). This notice is issued in accordance with the provisions of the Agreement and the applicable provisions of the Indian Contract Act, 1872.
2. Subject Matter. The arrangement between the parties under the Agreement for the following:
________,
shall stand terminated with effect from ________ (the "Termination Date"), in the manner and for the reasons set out hereinbelow.
3. Ground for Termination. The Agreement is being terminated on account of a material breach of the terms of the Agreement committed by You and Your failure to remedy such breach within the time stipulated. In accordance with the terms of the Agreement, You were required to:
________
4. Cure Period. You were issued a notice to remedy the said breach on ________, requiring the breach to be rectified on or before ________. You have, however, failed and/or neglected to rectify the breach by ________. Accordingly, in exercise of Our rights under Clause ________ of the Agreement, the Agreement shall stand terminated with effect from the Termination Date.
5. Settlement of Dues. An amount of Rs. ________ (Rupees ________ only) is due and payable by ________ to ________. The said amount, subject to applicable deduction of tax at source under the Income-tax Act, 1961, shall be paid within a period of ________ days from the date of this letter by way of ________.
6. Full and Final Settlement. The payment of the aforesaid sum of Rs. ________ (Rupees ________ only) shall constitute full and final settlement of all dues, outstandings, claims and liabilities of whatsoever nature between the parties under or arising out of the Agreement, and no further amounts shall be payable by either party under the Agreement save and except as expressly provided herein.
7. Post-Termination Obligations. The following actions are required to be taken by the parties upon and pursuant to termination of the Agreement:
________
Lorem ipsum dolor sit amet consectetur adipiscing elit sed do eiusmod tempor incididunt ut labore et dolore magna aliqua ut enim ad minim veniam quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat duis aute irure dolor in.
Lorem ipsum dolor sit amet consectetur adipiscing elit sed do eiusmod tempor incididunt ut labore et dolore magna aliqua ut enim ad minim veniam quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat duis aute irure dolor in reprehenderit voluptate velit esse cillum.
10. Reservation of Rights. Nothing contained in this letter shall be construed as a waiver of any of Our rights, remedies or claims (whether in law, equity or under the Agreement) accrued up to the Termination Date, all of which are expressly reserved.
11. Dispute Resolution and Governing Law. The parties hereby agree that the dispute resolution provisions contained in the Agreement shall mutatis mutandis apply to any dispute arising out of or in connection with this letter. This letter shall be governed by and construed in accordance with the laws of India, and the courts at ________ shall, subject to the said dispute resolution provisions, have exclusive jurisdiction.
12. Acceptance. Kindly affix your signature in the space provided below, signifying that the contents of this letter accurately record the mutual agreement of the parties, failing which the terms set out in this letter shall be deemed to have been accepted by you in their entirety.
Yours faithfully,
For and on behalf of ________
____________________________
Name: ________
Designation: ________
Accepted and Agreed:
For and on behalf of ________
____________________________
Name: ________
Designation: ________
Date: ________
Place: ________