Free Termination Agreement - Ireland

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Termination Agreement

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TERMINATION AGREEMENT

THIS TERMINATION AGREEMENT (the "Agreement") dated this ________ day 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 the 23rd day of February, 2024: ____________________________________________________________________________________________________________________________________________________________.
  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 mutually terminate and cancel the Contract effective the 24th day of February, 2024.
  3. Outstanding Obligations
  4. 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, payment or obligation will be due, payable or owing with regard to the Contract as of the execution date of this Agreement.
  5. Release
  6. By this Agreement, the Parties release each other from any and all claims, causes of action, demands and liabilities of whatever nature either Party had in the past, has now or may have in the future arising from or related to the Contract.
  7. Confidentiality
  8. 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.
  9. Governing Law
  10. The Parties submit to the jurisdiction of the Irish Courts 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 Ireland.
  11. Miscellaneous Provisions
  12. Time is of the essence in this Agreement.
  13. This Agreement may be executed in counterparts.
  14. This Agreement will not be assigned either in whole or in part by any party to this Agreement without the written consent of the other Party.
  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 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.

IN WITNESS WHEREOF the Parties have duly affixed their signatures under hand and seal on this ________ day of ________________, ________.

_____________________________
Witness

_____________________________
_________________________

_____________________________
Witness

_____________________________
_________________________

Last updated October 25, 2023

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What is a Termination Agreement?

A Termination Agreement is a legal document that two or more parties use to cancel an existing contract mutually.  It can cancel many different kinds of contracts including Tenancy Agreements, Loan Agreements property purchases, and more. 

When parties mutually decide to terminate a contract, they give up their contractual rights and obligations, meaning they’re no longer bound to the original contract’s terms. 

A Termination Agreement is also known as a:

  • Termination of contract
  • Contract termination agreement
  • Mutual termination agreement
  • Cancellation agreement

How does a Termination Agreement work?

As the name suggests, a Termination Agreement is between parties in an existing contract. It’s a mutual agreement, not a document signed by a single party. It cannot be forced by one party over another.

Mutuality doesn’t necessarily mean all parties are satisfied or happy with the cancellation of the contract. It only means all parties are willing to sign the Termination Agreement and release each other from their obligations.

Termination Agreements differ from documents like Eviction Notices and Employment Termination Letters that are enforced by a single party.

Why is it beneficial to use a Termination Agreement?

When people walk away from existing contracts without any formal documentation, it may leave them vulnerable to future litigation or financial responsibility for not completing their obligations.

Using a mutual Termination Agreement is beneficial for both parties as it can safeguard everyone’s interests when cancelling a contract.

When is a Termination Agreement used?

A Termination Agreement is used when both parties of the original contract have decided to terminate a contract early or terminate a contract that doesn’t have a defined end date. 

As stated previously, Termination Agreements can only be used when all parties are willing to consent and sign.

A Termination Agreement can be useful in numerous situations, including:

1. Terminating a Loan Agreement

A Termination Agreement may be useful if a lending arrangement isn’t working out and both parties wish to cancel their Loan Agreement

For example, say you borrow money from a family member to buy a car but change your mind and delay the purchase. In this case, you may wish to return the money and terminate the Loan Agreement. This is where you could draft a Termination Agreement for you and your family member to sign.

The Termination Agreement will ensure that you and your family member are free from any loan or payment obligations.

A Termination Agreement can also cancel loans outlined through Promissory Note.

2. Terminating a Service Agreement

A Service Agreement can vary in terms of what service is being provided as Ireland’s consumer law covers many contracts for services. 

A builder may provide services to a client and use a Building Contract. If both parties decide that they will not proceed with the work outlined in the contract, they can both leave the contract by creating a Termination Agreement.

More examples of different kinds of Service Agreements are:

3. Terminating a Property Purchase

When making a large purchase like property, sales can fall through after a contract has already been signed. A Termination Agreement can allow you to exit the contract without being vulnerable to any financial obligations or future litigation.

4. Terminating an Employment Contract

In many circumstances, it’s the employer or employee who ends an employment position. However, sometimes it’s a mutual decision by both parties. In this particular situation a Termination Agreement is useful in terminating an Employment Contract. 

It’s important to note that a Termination Agreement is different from an Employment Termination Letter which an employer may use to notify a staff member they are being released from their position.

A Termination Agreement is a useful document as it ensures an employer can release an employee of the obligations outlined in their Employment Contract and keeps official records of the employee’s final day of employment alongside what terms the termination occured on, if there are any applicable. 

Please note, employers are still required to follow all applicable employment laws and regulations.

5. Terminating a Tenancy Agreement

Usually, Tenancy Agreements don’t end by mutual agreement. However, when they do, a Termination Agreement can be very handy.

When a landlord and tenant utilise a Termination Agreement to cancel a Commercial Lease Agreement or a residential agreement, they both give up and release each other from all their lease obligations. If there are multiple tenants, they must all agree to the Termination Agreement for it to be valid. 

When mutually ending a tenancy, landlords and tenants may have more options in how the lease will end. For example, a notice period is generally required when one party ends a lease. But by mutually agreeing to the end of the tenancy, the parties choose a more convenient time.

Please note, a Termination Agreement is different from an Eviction Notice. While a Termination Agreement may release both parties from their contractual obligations, this doesn’t mean that parties can ignore laws and regulations that are in place.

6. Other instances

Other circumstances may benefit from a Termination Agreement too. A Termination Agreement can be useful if:

How do you write a Termination Agreement?

To write a Termination Agreement, complete the steps below:

  • Provide the names and mailing addresses of all parties involved.
  • Provide the details from the original contract or agreement. This includes the date the parties signed the contract and the purpose of the original contract.
  • Choose a termination date after which the original contract will no longer be in effect. You can choose the current day, the signing date of the Termination Agreement, or a future date. If you’re not sure of the date, select “Unsure” and fill it in later. 
  • State if either party is providing compensation as part of the Termination Agreement. If so, select which party is providing compensation and state the compensation being provided.
  • Select the date that both parties will sign the agreement.
  • Determine if you will require a witness to sign the agreement.

When does a Termination Agreement become effective?

A Termination Agreement becomes effective at the time specified by the Agreement. Often this is an agreed upon date, but can also be on the signing of the agreement.

If you require the agreement to become effective by some other event, you’ll need to add this to the document using the document editing tool.

Related Documents

  • Contract Addendum: A legal document used to alter or amend an existing contract or agreement.
  • Lease Amendment: This document is used to make changes to an existing tenancy agreement or commercial lease.
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