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1. Parties: Identification of all parties to the termination agreement, including their legal names, addresses, and any relevant registration numbers
2. Background: Recitals detailing the original contract, date of execution, earnest money paid, and circumstances leading to termination
3. Definitions: Definitions of key terms used in the agreement, including 'Original Contract', 'Earnest Money', 'Effective Date' of termination
4. Termination: Clear statement of contract termination, effective date, and mutual agreement of the parties
5. Release of Earnest Money: Details of the earnest money amount to be released, payment method, and timeline
6. Mutual Release: Mutual release of claims and obligations under the original contract
7. Return of Property: Provisions for return of any documents, materials, or property exchanged under the original contract
8. Confidentiality: Survival of confidentiality obligations from the original contract
9. Governing Law: Specification of Indian law as governing law and jurisdiction
10. Execution: Signature blocks and execution formalities
1. Survival Clauses: Specification of any clauses from original contract that survive termination, used when certain obligations need to continue
2. Dispute Resolution: Specific dispute resolution mechanisms, included when parties want to specify arbitration or mediation
3. Tax Implications: Address tax consequences of the termination and earnest money release, included when significant tax implications exist
4. Costs: Allocation of costs related to termination, included when there are significant costs to be shared
5. Third Party Rights: Addressing rights of any third parties affected by termination, included when third parties have interests in the contract
6. Partial Termination: Used when only specific parts of the contract are being terminated while others remain in force
1. Schedule 1 - Original Contract Details: Copy or key details of the original contract being terminated
2. Schedule 2 - Earnest Money Calculation: Detailed breakdown of earnest money paid and any adjustments or deductions
3. Schedule 3 - Settlement Statement: Comprehensive statement of all financial settlements between parties
4. Appendix A - Payment Instructions: Detailed banking or payment information for earnest money release
5. Appendix B - Outstanding Obligations: List of any pending obligations and their resolution
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Company Secretary
Risk Manager
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