The Cancellation Agreement is a crucial legal instrument under Indonesian law used when parties mutually agree to terminate their existing contractual relationship. This document is particularly relevant when business relationships need to be ended amicably, whether due to completed objectives, changed circumstances, or strategic realignment. It provides a clear framework for managing the termination process, including handling outstanding obligations, confidentiality requirements, and post-termination responsibilities. The agreement must comply with Indonesian Civil Code requirements and may need to consider specific sector regulations depending on the nature of the original agreement. It's commonly used in various business contexts, from simple service arrangements to complex commercial relationships, and can be adapted to address specific termination needs while ensuring legal certainty for all parties involved.
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1. Parties: Identification of all parties to the cancellation agreement, including their full legal names, addresses, and registration numbers if applicable
2. Background: Context of the original agreement, reason for cancellation, and confirmation that parties agree to terminate
3. Definitions: Key terms used in the agreement, including reference to the Original Agreement being cancelled
4. Effective Date of Cancellation: Specific date when the cancellation becomes effective
5. Mutual Agreement to Cancel: Express statement of mutual agreement to terminate the Original Agreement
6. Settlement of Outstanding Obligations: Details of how any outstanding payments, deliverables, or obligations will be handled
7. Mutual Release: Release of parties from future obligations under the Original Agreement
8. Return of Property: Provisions for returning any relevant documents, materials, or property
9. Confidentiality: Ongoing obligations regarding confidential information
10. Governing Law: Confirmation of Indonesian law as governing law
11. Execution: Signature blocks and execution requirements
1. Surviving Provisions: Identifies any provisions from the Original Agreement that will survive the cancellation
2. Dispute Resolution: Include if there are specific procedures for resolving any disputes arising from the cancellation
3. Tax Implications: Include when cancellation involves significant financial settlements or tax considerations
4. Non-Disparagement: Include when parties wish to prevent negative statements about each other post-cancellation
5. Transition Arrangements: Include when there needs to be a handover period or transition of services/goods
6. Third Party Rights: Include when cancellation affects rights of third parties or requires third party consent
1. Schedule 1 - Original Agreement: Copy or details of the agreement being cancelled
2. Schedule 2 - Settlement Statement: Detailed breakdown of any financial settlements or payments
3. Schedule 3 - Property List: Inventory of any property or materials to be returned
4. Schedule 4 - Outstanding Obligations: List of any obligations that need to be fulfilled before or after cancellation
5. Schedule 5 - Timeline: Timeline for implementing various aspects of the cancellation if needed
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Legal
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Corporate Secretariat
Procurement
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