TERMINATION AGREEMENT
This Termination Agreement (“Agreement”) is made as of __________ [DATE] (“effective date) by and between [Name of seller] of address [address] (“Seller”) and [Name of buyer] of address [address] (“Buyer”), jointly referred to as “Parties.”
Background
Whereas, the seller entered into an agreement with the buyer for the sale of his e-commerce business account operated by Amazon;
Whereas, the seller intended to sell and transfer the Amazon Account to the buyer;
Whereas, the buyer intended to purchase the said Amazon Account at a price of $2500
Whereas, the Account was sold as-is; the account was suspended and had $4000 inventory;
Whereas, the parties desire to terminate the agreements of sale and transfer of the Account;
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties agree as follows:
- Background.
The foregoing background facts are true, correct and complete and are hereby incorporated by reference herein.
- Termination
The Seller and the Buyer hereby terminates the Agreement of purchase and agreement to transfer business effective as of the date hereof (the “Termination”).
- Continuing Obligations.
Upon the conclusion of the termination, all agreements in connection to the sale of the Amazon Account shall terminate effectively.
- Release.
The buyer and all persons for whose conduct said party is legally responsible including, but not limited to, his descendants, heirs, beneficiaries, successors and assigns, and each of them, past or present (collectively the “Buyer’s Parties”) does hereby release, acquit, satisfy and forever discharge the Seller from any and all manner of action, causes of action, rights, liens, agreements, contracts, covenants, obligations, suits, claims, debts, dues, sums of monies, costs, expenses, attorneys’ fees, judgments, orders and liabilities, accounts, covenants, controversies, promises, damages, of whatever kind and nature in law or equity or otherwise whether now known or unknown (collectively, the “Claims”), which the buyer’s Parties ever had, now have, or may have had against any of the Seller’s Parties, for any reason from the beginning of time up through and including this date. In furtherance of the foregoing, each of the releasing parties irrevocably covenants to refrain from, directly or indirectly, asserting any Claims, or commencing, instituting or causing to be commenced, any proceeding of any kind against any of the Seller with respect to any of the matters within the scope of the foregoing release.
- Miscellaneous.
Entirety
This contract represents the entire agreement between the two parties and supersedes any previous written or oral agreement. This agreement may be modified at any time, provided there is written consent of both parties to this contract.
- Jurisdiction
This contract shall be governed, interpreted, and construed in accordance with the laws of the State of New Jersey
IN WITNESS WHEREOF, the parties have executed this Termination Agreement on the day and year first set forth above
Seller Buyer
Signature Signature
________________________ ____________________________
Date Date
__________________________ ____________________________
At Legal writing experts, we would be happy to assist in preparing any legal document you need. We are international lawyers and attorneys with significant experience in legal drafting, Commercial-Corporate practice and consulting. In the last few years, we have successfully undertaken similar assignments for clients from different jurisdictions. If given this opportunity, we will be able to prepare the legal document within the shortest time possible.