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Mutual Rescission of a Contract

A Mutual Rescission of a Contract is used to wipe out the contractual obligations of a contract.
 
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MUTUAL RESCISSION OF A CONTRACT

THIS MUTUAL RESCISSION OF A CONTRACT (Hereinafter "Agreement") is entered into this ___________ _____ 20___, by and between:
 
_________________ of _________________
 
_________________, _________________
 
_________________
 
(Hereinafter "Party One")

 
_________________ of _________________
 
_________________, _________________
 
_________________
 
(Hereinafter "Party Two")

 
The Parties do hereby agree to abide by the terms set out in this Agreement. The terms of this Agreement are as follows:
 
  1. On the ____________ day of ______________, 20___, the parties entered into a contract, which is attached as Exhibit A.
     
  2. The parties to that contract and to this Agreement of mutual rescission wish to withdraw from that previously binding contract.
     
    The parties hereby withdraw from the aforementioned contract effective as of the date first written above. This agreement of mutual rescission shall be binding upon both of the parties, their successors, assigns and personal representatives.
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