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Termination Agreement

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TERMINATION AGREEMENT

THIS TERMINATION AGREEMENT (the "Agreement") dated this _____ of _______________, ________

BETWEEN:

_________________________ of _________________________________________________ and _________________________ of _________________________________________________

(collectively the "Parties" and individually the "Party")

BACKGROUND

  1. The Parties are presently bound by the following contract (the "Contract") dated ______________________: _____________________________________________________________.
  2. The Parties wish to terminate the Contract and resolve any and all rights and obligations arising out of the Contract.

IN CONSIDERATION OF and as a condition of the Parties entering into this Agreement and other valuable consideration, the receipt and sufficiency of which consideration is acknowledged, the Parties agree as follows:

  1. Termination
  2. By this Agreement the Parties terminate and cancel the Contract effective the 5th day of November, 2024.
  3. In addition to cancelling and terminating the Contract,

    • _________________________ will be providing the following compensation:

  4. Outstanding Obligations
  5. The Parties acknowledge by this Agreement that the consideration provided and received by each other is fair, just and reasonable and that no further consideration, compensation or obligation will be due, payable or owing with regard to the Contract as of the execution date of this Agreement.
  6. Release
  7. By this Agreement the Parties release each other from any and all claims, causes of action, demands and liabilities of whatever nature which either Party had in the past, has now or may have in the future arising from or related to the Contract.
  8. Confidentiality
  9. The Parties acknowledge and agree that all parties to this Agreement will keep completely confidential the terms and conditions of this Agreement, the Contract and any financial, operational or confidential information of any kind not already public.
  10. Governing Law
  11. The Parties submit to the jurisdiction of the courts of Commonwealth of Australia for the enforcement of this Agreement or any arbitration award or decision arising from this Agreement. This Agreement will be enforced or construed according to the laws of Commonwealth of Australia.
  12. Miscellaneous Provisions
  13. Time is of the essence in this Agreement.
  14. This Agreement may be executed in counterparts. Facsimile signatures are binding and are considered to be original signatures.
  15. Headings are inserted for the convenience of the Parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine gender include the feminine gender and vice versa. Words in the neuter gender include the masculine gender and the feminine gender and vice versa.
  16. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the Parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.
  17. This Agreement contains the entire agreement between the Parties. All negotiations and understandings have been included in this Agreement. Statements or representations which may have been made by any Party in the negotiation stages of this Agreement may in some way be inconsistent with this final written Agreement. All such statements are declared to be of no value in this Agreement. Only the written terms of this Agreement will bind the Parties.
  18. This Agreement and the terms and conditions contained in this Agreement apply to and are binding upon the Parties and their respective successors, assigns, executors, administrators, beneficiaries and representatives.
  19. Any notices or delivery required in this Agreement will be deemed completed when hand-delivered, delivered by agent, or seven (7) days after being placed in the post, postage prepaid, to the Parties at the addresses contained in this Agreement or as the Parties may later designate in writing.
  20. All of the rights, remedies and benefits provided by this Agreement will be cumulative and will not be exclusive of any other such rights, remedies and benefits allowed by law.
The remainder of this document will be available when you have purchased a licence.
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Last Updated February 29, 2024

Written by 

Zack Dean
Zack Dean, BComm
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Connell Parish, BA, JD
Connell Parish

Connell Parish is a Legal Writer for LawDepot. Connell completed his undergraduate and law degrees at the University of Alberta and particularly enjoyed researching various legal topics...

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What is a Termination Agreement?

A Termination Agreement is used to record a contract’s cancellation. The document affirms that all the contract’s parties agree to end it and renounce all their outstanding contractual responsibilities.

A Termination Agreement is also known as a:

  • Notice of cancellation of contract
  • Termination of contract
  • Notice of termination of contract

When does a Termination Agreement activate?

Your Termination Agreement comes into effect on a date of your choosing. However, all parties involved need to agree on the cancellation date. You also need to specify the date within the agreement.

You have a few options when deciding the date your Termination Agreement comes into effect. The contract can end immediately or on a specified future date. There’s also the option of it coming into effect once all the parties have signed the agreement.

LawDepot also provides the option to leave the date blank if you’re unsure when you want the contract to end officially. This allows you to fill in the date at a later time.

Can I cancel a contract after signing it?

Cancelling a contract after signing it is possible under the right circumstances. If all the parties involved agree to the dissolution, you can make it official by creating a Termination Agreement. However, if the original contract has any rules relating to its cancellation, your Termination Agreement must follow them.

Specific contracts have it written that the involved parties have a grace period to change their mind about an agreement. This trial period can often allow a contract to end without anyone providing a reason. For example, many online subscriptions come with a 15 day trial period that enables you to cancel an agreement with no questions asked.

Additionally, you can sometimes end a contract if the other party doesn't uphold their end of the deal. For example, if they fail to provide a service or a purchased item does not work as advertised. Generally, there's a strong possibility of ending an agreement if the contract isn't fulfilling its purpose.

How to create a Termination Agreement

You can easily create a customised Termination Agreement by completing LawDepot’s questionnaire. Using our template will ensure you complete the necessary steps.

1. Specify the type of agreement you’re terminating

You can use a Termination Agreement to end many kinds of contracts and agreements. Start creating your document by indicating the type of agreement you’re cancelling. Your options include:

  • Lease or Tenancy
  • Services
  • Loan
  • Property Purchase
  • Employment

Select ‘Other’ if the agreement you want to terminate doesn’t fall under any of these categories. You can specify the precise type of agreement later in the questionnaire.

2. Specify your location

States and territories in Australia have their own rules and regulations for terminating contracts. Specify which state or territory you’re in, and we’ll customise your Termination Agreement to meet its governing laws.

We have templates for:

  • Australian Capital Territory
  • New South Wales
  • Northern Territory
  • Queensland
  • South Australia
  • Tasmania
  • Victoria
  • Western Australia

3. State each party’s details

Include the name and address of every party involved in the contract or agreement coming to an end.

4. Provide the original contract’s details

For your Termination Agreement to be valid, it must be clear which contract it's cancelling. Provide the original contract's signing date and the purpose it served.

For example, if you're ending a Commercial Lease Agreement or Residential Tenancy Agreement, specify that you're terminating an agreement to rent a property and provide its address.

5. Include the termination date

The termination date is when the original contract becomes invalid. Specify when you want your Termination Agreement to take effect by selecting one of the following options:

  • Today
  • On signing this Termination Agreement
  • Unsure
  • On a specific date

Selecting ‘Unsure’ will leave a blank space in your document for you to fill in with a date later.

6. Describe any compensation

Describe any compensation a party will receive when the original contract comes to an end. For example, an employee will sometimes receive a severance package when an Employment Contract ends.

7. Provide signing details

State the date the parties will sign the Termination Agreement and whether any witnesses will be present.

If you’re unsure when the parties will sign the document, you can provide the date later. A blank space will be available at the bottom of your agreement.

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