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Release Of Purchase Agreement for United Arab Emirates

Release Of Purchase Agreement Template for United Arab Emirates

A Release of Purchase Agreement under UAE law is a formal legal document that terminates and discharges the obligations of parties under an existing purchase agreement. The document operates within the framework of UAE Civil Code (Federal Law No. 5 of 1985) and Commercial Transactions Law, providing a legally binding mechanism to mutually release parties from their contractual obligations. It includes provisions for the discharge of liabilities, return of any deposits or property, and mutual warranties ensuring the finality of the termination. The agreement must comply with UAE legal requirements for contract termination and include appropriate considerations for local business practices and legal formalities.

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What is a Release Of Purchase Agreement?

The Release Of Purchase Agreement is a crucial document used when parties wish to formally terminate their existing purchase arrangement and release each other from future obligations. This document is particularly relevant in the UAE business environment where formal documentation of contract termination is essential for legal certainty. It is commonly used when a transaction will not proceed to completion, when parties agree to abandon a purchase, or when circumstances necessitate a clean break from existing obligations. The agreement must comply with UAE Civil Code requirements and typically includes details of the original purchase agreement, terms of release, any settlement payments, and mutual releases. It's essential in providing legal protection and clarity for all parties involved, preventing future disputes or claims relating to the terminated purchase agreement.

What sections should be included in a Release Of Purchase Agreement?

1. Parties: Identification of all parties to the release agreement, including full legal names and addresses

2. Background: Recitals describing the original purchase agreement, key dates, and reasons for the release

3. Definitions: Key terms used in the agreement, including 'Original Agreement', 'Release Date', and 'Settlement Amount' if applicable

4. Release and Discharge: Core provisions detailing the scope of release and mutual discharge of obligations

5. Consideration: Details of any payment or consideration for the release

6. Effective Date: Specification of when the release becomes effective

7. Mutual Warranties: Representations from each party regarding authority to enter into release and understanding of its effect

8. Return of Property: Provisions for returning any relevant documents, materials, or property

9. Confidentiality: Obligations regarding confidentiality of the original agreement and release terms

10. Governing Law: Confirmation of UAE law as governing law and jurisdiction

What sections are optional to include in a Release Of Purchase Agreement?

1. Partial Release: Used when only certain aspects of the original agreement are being released while others remain in force

2. Surviving Obligations: Required when certain obligations from the original agreement survive the release

3. Tax Implications: Needed when the release has significant tax consequences that need to be addressed

4. Third Party Rights: Include when the release affects rights of third parties or requires third party consents

5. Dispute Resolution: Optional detailed dispute resolution procedures beyond standard jurisdiction clause

6. Further Assurance: Include when additional actions may be needed to give effect to the release

What schedules should be included in a Release Of Purchase Agreement?

1. Original Purchase Agreement: Copy or details of the purchase agreement being released

2. Settlement Terms: Detailed breakdown of any settlement payments or arrangements

3. Property Schedule: List of any property or assets being returned or transferred

4. Release Payments: Schedule of any payments to be made as part of the release

5. Required Consents: List of third-party consents obtained or required for the release

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Publisher

Ƶ

Document Type

Release Agreement

Cost

Free to use
Relevant legal definitions




















Clauses
























Relevant Industries

Real Estate

Manufacturing

Retail

Technology

Construction

Automotive

Energy

Healthcare

Financial Services

Professional Services

Telecommunications

Industrial Equipment

Consumer Goods

Relevant Teams

Legal

Finance

Procurement

Commercial

Compliance

Risk Management

Operations

Corporate Secretariat

Business Development

Contract Administration

Relevant Roles

Legal Counsel

Contract Manager

Commercial Director

Chief Financial Officer

Procurement Manager

Business Development Manager

Company Secretary

General Manager

Operations Director

Risk Manager

Compliance Officer

Chief Executive Officer

Legal Director

Transaction Manager

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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