Services Termination Notice - Template, Sample Form Pro · IN-law

NOTICE OF TERMINATION OF AGREEMENT

BY REGISTERED POST WITH ACKNOWLEDGEMENT DUE / SPEED POST / EMAIL

From:
________
________

To:
________
________

Date: ________

Place: ________

Dear Sir/Madam,

Sub: Notice of Termination of the Agreement, namely, ________ dated ________

We refer to the agreement titled ________ dated ________ (the "Agreement") entered into between ________ (the "Issuing Party") and ________ (the "Receiving Party"). This Notice of Termination is issued in exercise of the contractual and statutory rights available to the Issuing Party under the Agreement and under the Indian Contract Act, 1872 (including Sections 39, 73 and 74 thereof).

§ 1. Termination of the Arrangement

1.1 The arrangement between the Issuing Party and the Receiving Party under the Agreement, in respect of the following:

________

shall stand terminated with effect from ________ (the "Termination Date").

1.2 This termination is effected pursuant to Clause ________ of the Agreement read with the applicable provisions of the Indian Contract Act, 1872.

§ 2. Grounds of Termination

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________

2.2 The said breach constitutes a material breach going to the root of the Agreement and, despite reasonable opportunity afforded to you, has remained unremedied.

§ 3. Failure to Cure the Breach

3.1 You were issued a notice to remedy the breach on ________, calling upon you to rectify the said breach on or before ________.

3.2 You have, however, failed and/or neglected to rectify the breach by ________. Accordingly, the Agreement shall stand terminated with effect from the Termination Date and you shall no longer be required or entitled to perform any services or obligations under the Agreement, save as expressly provided herein.

§ 4. Settlement of Dues

4.1 An amount of Rs. ________ (Rupees ________ only) is due and payable by ________ to ________.

4.2 The said amount shall be paid by ________ to ________ within a period of ________ from the date of this Notice, by way of ________ to the following bank account: ________, subject to deduction of tax at source and other statutory deductions as applicable under law.

4.3 In the event the aforesaid amount is not paid within the stipulated period, the same shall carry interest at the rate of ________% per annum from the due date until the date of actual realisation, without prejudice to the other rights and remedies available in law.

§ 5. Full and Final Settlement

Payment of the amount of Rs. ________ (Rupees ________ only) by ________ to ________ shall constitute full and final settlement of all dues and outstandings under the Agreement, and no further amounts shall be payable thereunder, save and except such liabilities as have already accrued and remain expressly preserved under § 8 below.

§ 6. Survival of Obligations

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§ 7. Dispute Resolution

Each of ________ and ________ hereby agrees that the dispute resolution provisions contained in the Agreement, including any arbitration agreement governed by the Arbitration and Conciliation Act, 1996, with the seat and venue of arbitration at ________, shall apply mutatis mutandis to any dispute arising out of or in connection with this Notice of Termination.

§ 8. Without Prejudice / Accrued Rights

The termination of the Agreement shall be without prejudice to any rights, remedies, claims or obligations that have accrued to either party prior to the Termination Date, all of which are expressly reserved.

§ 9. Governing Law and Jurisdiction

This Notice of Termination shall be governed by and construed in accordance with the laws of India, and, subject to § 7 above, the courts at ________ shall have exclusive jurisdiction in respect of any matters arising out of or in connection herewith.

§ 10. Reservation of Rights

Nothing contained in this Notice shall be construed as a waiver of any of the rights or remedies available to the Issuing Party under the Agreement or in law or in equity, all of which are expressly reserved.

Kindly treat the above as final and binding. Please acknowledge receipt of this Notice.

Yours faithfully,

For and on behalf of ________

Authorised Signatory
Name: ________
Designation: ________

Acknowledged and Accepted:

For and on behalf of ________

Authorised Signatory
Name: ________
Designation: ________
Date: ________