A simple termination agreement for 2 parties to terminate agreement and be partially released form the rights and obligations under the Agreement (excluding the rights and obligations already in existence prior to the Termination Date).
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, person not a Party to the Exit Agreement have no right under the Agreement to enforce any of its terms.
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