Clubs · Nov 15, 2024 · 4 min read
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Clubs · Nov 15, 2024 · 4 min read
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This article provides a contract termination agreement template, helping parties clearly define their rights and responsibilities when ending cooperation. It guides on drafting an agreement to ensure legality and avoid future disputes.
SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
--------- o0o ---------
AGREEMENT TO TERMINATE CONTRACT
Number…………………..
Today, date ... month ... year ...., We include:
COMPANY …................................................................................................
Address | : | …… |
Tax code | : | ….. |
Represent | : | ….. |
Position | : |
(Hereinafter referred to as Party A)
And
COMPANY ................................................................................................
Address | : | …… |
Tax code | : | ….. |
Represent | : | ….. |
Position | : |
(Hereinafter referred to as “Supplier/Party B”)
Party A and Supplier are hereinafter collectively referred to as “Parties” and individually called “Beside”.
WHEREAS:
(i)
On ... , the Parties signed Contract .... No. ... (“Contract”);(ii)
Currently, the Parties wish to terminate the Contract ahead of schedule.THEREFORE, HERE, after discussion, the two Parties agreed to sign an Agreement to terminate the Contract (“Agreement”) with the following terms and conditions:
Article 1. Termination of the Contract
1.1.
The Parties agree to terminate the Contract ahead of time as agreed by the Parties. Accordingly, the Parties will not continue to perform the Contract from [date ....../time of signing this Agreement] (“Termination Date”).1.2.
To clarify, the Supplier is responsible for handing over to Party A all records, documents, vouchers and records related to [the completed work under the responsibility of providing and handing over of the Supplier]. Supply/s of goods the Supplier has delivered to Party A according to the Contract.1.3.
If Party A still has to pay the Supplier, write as follows]…. will pay the Supplier the costs for…the works that the Supplier has performed/goods that the Supplier has provided to Party A] up to the Termination Date of [....] VND (In words:.... Vietnam Dong) within [....] days from the date the Parties sign this Agreement.
[If the Supplier has to return the money…. If you have overpaid, write as follows]
The Supplier will refund to Party A the amount received in excess of….[service work performed and confirmed by Party A/quantity of goods provided to Party A is [....] VND (In words:.... Vietnam Dong) within [....] days from the date the Parties sign this Agreement.
ARTICLE 2: LIQUIDATION OF CONTRACT
The Parties agree and confirm that after the Parties complete their obligations under this Agreement, the Contract will be automatically terminated.
ARTICLE 3: GENERAL PROVISIONS
3.1.
Disputes arising from and related to this Agreement will first be resolved through negotiations in good faith between the Parties. If the dispute cannot be resolved through negotiation, any Party has the right to bring the dispute to the competent People's Court for resolution.3.2.
Confidentiality: The Parties agree to keep the content of this Agreement and related agreements as well as information provided by one Party to the other Party absolutely confidential, unless there is an agreement on the matter. disclosure of the specific terms and provisions of this Agreement, or if one of the Parties is required to disclose this information according to regulations of state agencies or provisions of law. Each Party will consult with the other Party before making any press release related to this Agreement and/or transactions entered into by the Parties. Neither Party may issue a press release regarding the above matter before obtaining the written consent of the other Party.Each Party (“Party Receiving Information”) also agrees that the Receiving Party will ensure that all Employees of the Receiving Party must keep all information of the Disclosing Party confidential (“Disclosure Party”) that the Employee of the Receiving Party knows or may know including but not limited to the terms of the Contract signed between Party A and the Supplier, and/or other information, data, documents created in connection with or arising from the performance of the Contract, information, data, documents provided by the Disclosing Party to the Receiving Party in any form to implement the Contract . In addition, Confidential Information also includes but is not limited to information related to business secrets, technological secrets, trade secrets, knowledge or other information about or for financial marketing. , business of the Disclosing Party. The Disclosing Party has the right to request the Receiving Party to compensate for the losses and expenses that the Disclosing Party suffers or must pay to overcome the consequences arising from the breach of its confidentiality obligations. The Disclosing Party and/or the Disclosing Party's Employees as set forth in this Agreement.
The Privacy Policy in this Article will take effect within [....] years from the date of signing this Agreement.
3.3.
Each Party commits that it has full capacity according to the provisions of law to sign and implement this Agreement.3.4.
Any changes and additions related to this Agreement must be agreed and signed by the Parties in writing.3.5.
This Agreement takes effect from the date of signing and is governed by Vietnamese law.3.6.
This Agreement is made into 04 (four) copies in Vietnamese with equal legal value, each Party keeps 02 (two) copies as a basis for implementation.
PARTY A
|
PARTY B |
Authorization letter no | : | Signed by the Legal Representative on …/…./… |
Authorization letter no | : | Signed by the Legal Representative on …/…./… |
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