Mutual Rescission And Release Agreement Template for Malaysia

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Key Requirements PROMPT example:

Mutual Rescission And Release Agreement

"I need a Mutual Rescission and Release Agreement to terminate a software development agreement with ABC Tech Sdn Bhd, effective March 1, 2025, ensuring both parties are released from all obligations under Malaysian law with no outstanding payments."

Document background

The Mutual Rescission And Release Agreement is a vital legal instrument used in Malaysian business practice when two or more parties wish to formally terminate their existing contractual relationship by mutual consent. This document becomes necessary when parties decide to end their contractual obligations before the natural expiry of the contract, requiring careful consideration of Malaysian contract law, particularly the Contracts Act 1950. It's commonly used in situations where business relationships need to be terminated amicably, where project scope has changed significantly, or where commercial circumstances make continuation of the original agreement impractical. The agreement provides comprehensive coverage of termination terms, mutual releases, settlement of outstanding obligations, and ensures proper documentation for legal and accounting purposes.

Suggested Sections

1. Parties: Identification of all parties to the agreement, including their full legal names, registration numbers (if applicable), and registered addresses

2. Background: Recitals explaining the original agreement being rescinded, its date, and the parties' mutual desire to terminate the agreement

3. Definitions: Definitions of key terms used throughout the agreement, including 'Original Agreement', 'Effective Date', and 'Claims'

4. Mutual Rescission: Clear statement that parties mutually agree to terminate and rescind the Original Agreement, specifying the effective date of termination

5. Release of Obligations: Mutual release of all obligations under the Original Agreement and waiver of claims related to its performance or non-performance

6. Return of Property: Requirements for returning any property, documents, or materials exchanged under the Original Agreement

7. Representations and Warranties: Statements confirming parties' authority to enter into the rescission agreement and that no assignment of rights has occurred

8. Governing Law and Jurisdiction: Specification that Malaysian law governs the agreement and designation of Malaysian courts' jurisdiction

9. Execution: Signature blocks and execution requirements including witnessing provisions

Optional Sections

1. Survival Provisions: Identifies any provisions from the Original Agreement that will survive termination, such as confidentiality obligations

2. Settlement Terms: Include when there are outstanding payments or obligations to be settled as part of the rescission

3. Transition Arrangements: Required when there are ongoing matters that need to be wound down or transitioned

4. Non-Disparagement: Include when parties wish to prevent negative statements about each other after termination

5. Tax Provisions: Include when there are tax implications that need to be addressed

6. Regulatory Compliance: Include when the termination requires specific regulatory notifications or compliance

7. Confidentiality: Include when parties need to maintain confidentiality about the rescission terms

8. Further Assurance: Include when additional actions may be needed to give full effect to the rescission

Suggested Schedules

1. Schedule 1 - Original Agreement: Copy or details of the agreement being rescinded, including any amendments

2. Schedule 2 - Settlement Statement: If applicable, detailed breakdown of any financial settlements or payments

3. Schedule 3 - Property Register: List of any property, documents, or materials to be returned by each party

4. Schedule 4 - Surviving Obligations: Detailed list of any obligations that survive the termination

5. Schedule 5 - Release Exceptions: If applicable, specific list of claims or rights that are not released under the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

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Authors

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