Termination Agreement
Alternate Names:
A Termination Agreement is also known as a:
- Notice of Cancellation of Contract
- Termination of Contract
- Notice of Termination of Contract
What is a Termination Agreement?
A Termination Agreement is a document that you use to formally record that all parties involved in a contract have agreed to its cancellation.
How much time do you have to back out of a contract?
Depending on the contract and the specific terms and conditions it includes, you may have the option to back out of the contract within a certain period of time.
Some states call this a "cooling-off period", and it generally applies to cancelling transactions that occur at an area other than the seller's permanent place, such as door-to-door sales or trade show sales.
Keep in mind that different states have different rules and regulations when it comes to contract terms, and that certain types of contracts may not observe this rule, so you may need to seek legal advice.
When does a Termination Agreement become effective?
A Termination Agreement generally becomes effective on a date specified by the parties involved in the agreement. The agreement can also be triggered by other means, such as hand delivery, delivery by an agent, or when seven days have passed after being placed in the mail with prepaid postage.
LawDepot's Termination Agreement is written by default to become effective on a specified date, so if the intention is for the agreement to become effective by some other trigger, it would need to be manually written in the document using the document editing tool.
The parties may also post-date the Termination Agreement so it becomes effective on a future date.
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