This document can be used as a template for a simple termination agreement for 3 parties to terminate the agreement and be partially released from the rights and obligations under the Agreement.
The effect of execution of this document means the Parties will not be entitled to all rights under the Agreement, save for rights already accrued and in existence at the date of termination of the Agreement and/or those not relating to the business under the Agreement. Similarly, the Parties will not be liable for all liabilities and obligations under the Agreement, except those already accrued and in existence at the date of termination and/or those not relating to the business under the Agreement.
Each of the Parties agrees to act reasonably to give effect to the Exit Agreement. On the other hand, a person not a Party to the Exit Agreement has no right under the Agreement to enforce any of its terms.
This document should be carefully read by the parties.
The rights and obligations of the parties released should be clearly stated.
Both parties should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.
Create Document: Click on “Create document” button and fill in the details of the parties. You can click the “Fill with Member’s Information” button to complete the party’s information with your personal or business information saved to your account.
Please fill in any additional information by following the step-by-step guide on the left hand side of the preview document and click the “Next” button.
When you are done, click the “Get Document” button and you can download the document in Word or PDF format.
Please get all parties to review the document carefully and make any final modifications to ensure that the details are correct before signing the document. Each party should have a copy of the executed document.