A simple exit agreement for a party to leave a 3 parties agreement and be partially released form the rights and obligations under the Agreement (excluding the rights and obligations already in existence prior to the Exit Date). The Continuing Parties continue as a parties to the Agreement.
The partial release of the Leaving Party's rights and obligations means he gives up all rights and discharges all liabilities and obligations of that Party arising under the Agreement except to the extent that they are already accrued and in existence as at the date of exit and/or those not relating to the business under the Agreement.
Each of the Parties agrees to act reasonably to implement and/or give effect to the Exit Agreement. On the other hand, person not a Party to the Exit Agreement have no right under the Agreement to enforce any of its terms.
multi-parties, 3 parties,
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