Business Termination Contract - 2206 Downloads

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Business Termination Contract
File Size: 29 KB
Downloads: 2206
Uploaded on: 2015-11-06 13:22:00
File Name: Business-Termination-Contract.docx
Download: Free
A business termination contract is designed to protect both parties from being responsible for damages due to a breach of contract. As long as both parties involved agree to terminate the contract with no penalties, and authorized representatives from both parties sign the business termination contract, the document is legal and binding. It is wise for both companies to involve their legal departments or solicit the services of an attorney when writing the document.The business termination contract format should start by stating the date the contract is effective and the parties that are involved with the termination. It should explain what the original contract was for and note that both parties involved are in agreement with the early termination. Any compensation that is due from one party to the other should be stated in the contract. It is vital that representatives from both parties sign the contract.This sample business termination contract is between two companies. One company regularly transported products and merchandise for the second company, and the second company paid the other company a mutually agreed upon fee for the transport services. The first company agrees to provide some monetary compensation to the moving company:

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