Mutual Rescission and Release Agreement
State of Alabama
This Mutual Rescission and Release Agreement, hereinafter referred to as "Rescission," is entered into and made effective as ________ by and between the following parties:
________, a corporation, incorporated under the laws of the state of Alabama, having its principal place of business at the following address:
________
and
________, a corporation, incorporated under the laws of the state of Alabama, having its principal place of business at the following address:
________
Here "Party A" will refer to and be used to describe the following party: ________. "Party B" will refer to and be used to describe the following party: ________.
Party A and Party B may be referred to individually as "Party" and collectively as the "Parties."
RECITALS:
WHEREAS, Party A and Party B entered into a contract with each other entitled as follows: Sales Agreement ("Contract");
WHEREAS, the Contract was regarding the following subject matter:
________
WHEREAS, the Contract was executed on ________ and is hereto attached as Exhibit A;
WHEREAS, Party A and Party B acknowledge and agree that each desires to rescind the Contract, and neither has fully performed its obligations under the Contract;
WHEREAS, Party A and Party B, as the only parties to the Contract, hereby agree to fully rescind the Contract and release each other from any remaining duties or obligations;
NOW, therefore, in consideration of the promises and covenants contained herein, as well as other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the Parties do hereby agree as follows:
Article 1 - RESCISSION:
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Article 2 - RELEASE:
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EXECUTION:
Party A Name: ________
Representative Name:________________________
Representative Signature:_____________________
Representative Title:_________________________
Date:_____________________________________
Party B Name: ________
Representative Name:________________________
Representative Signature:_____________________
Representative Title:_________________________
Date:_____________________________________
Exhibit A