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Affidavit Of Cancellation With No Financial Obligation for Philippines

Affidavit Of Cancellation With No Financial Obligation Template for Philippines

An Affidavit of Cancellation with No Financial Obligation is a legally binding document used in the Philippines to formally declare and certify the termination of a contract or agreement where all financial obligations have been settled or where no financial liabilities exist between the parties. This document, which must be executed before a notary public in accordance with Philippine law, serves as official evidence of the contract's termination and includes sworn statements confirming the absence of any outstanding financial obligations. The affidavit must comply with the requirements set forth in the Rules of Court of the Philippines and the 2004 Rules on Notarial Practice.

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What is a Affidavit Of Cancellation With No Financial Obligation?

An Affidavit of Cancellation with No Financial Obligation is a crucial document in Philippine business and legal practice, used when parties need to formally terminate a contractual relationship while ensuring clear documentation that no financial obligations remain outstanding. This document type is particularly important in protecting both parties from future claims and providing clear evidence of the contract's termination. The affidavit must be executed in compliance with Philippine law, including the Civil Code, Rules of Court, and notarial regulations. It is commonly used in various business scenarios, from service agreements to lease contracts, where parties need to establish a clean break from their contractual obligations. The document typically includes detailed identification of the contract being cancelled, declarations regarding the absence of financial obligations, and must be properly notarized to ensure its validity.

What sections should be included in a Affidavit Of Cancellation With No Financial Obligation?

1. Title and Jurisdiction: Specifies the document type and jurisdiction (Republic of the Philippines)

2. Affiant Information: Full legal name, age, citizenship, civil status, and complete address of the person making the affidavit

3. Competency Declaration: Statement affirming the affiant's legal capacity to execute the affidavit

4. Contract Identification: Details of the contract being cancelled including date, parties involved, and subject matter

5. Declaration of Cancellation: Clear statement of intent to cancel the contract and confirmation that all parties agree to the cancellation

6. No Financial Obligation Statement: Explicit declaration that there are no outstanding financial obligations between the parties

7. Verification and Certification: Standard verification of truthfulness and certification against forum shopping

8. Jurat: Notarial section where the affiant swears to the truthfulness of the contents

What sections are optional to include in a Affidavit Of Cancellation With No Financial Obligation?

1. Mutual Agreement Reference: Include when there is a separate mutual agreement document regarding the cancellation

2. Third Party Clearance: Include when third parties' rights or interests were involved in the original contract

3. Property Return Declaration: Include when physical properties or documents need to be returned between parties

4. Prior Payments Declaration: Include when there is a need to acknowledge previous payments made but confirm no remaining obligations

5. Waiver of Claims: Include when parties wish to explicitly waive any future claims related to the contract

What schedules should be included in a Affidavit Of Cancellation With No Financial Obligation?

1. Annex A - Original Contract: Copy of the original contract being cancelled

2. Annex B - Proof of Identity: Valid government ID of the affiant

3. Annex C - Authority to Cancel: If applicable, authorization documents proving the affiant's authority to cancel the contract

4. Annex D - Supporting Documents: Any relevant correspondence or documents supporting the cancellation without financial obligation

5. Annex E - Proof of Notice: If applicable, proof that other parties were properly notified of the cancellation

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

Jurisdiction

Philippines

Publisher

Ƶ

Document Type

Affidavit

Cost

Free to use
Relevant legal definitions

























Clauses




















Relevant Industries

Real Estate

Construction

Professional Services

Manufacturing

Retail

Information Technology

Financial Services

Education

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Hospitality

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Legal

Compliance

Contract Administration

Risk Management

Corporate Secretariat

Operations

Finance

Administrative Services

Project Management

Business Development

Procurement

Relevant Roles

Legal Counsel

Corporate Secretary

Contract Manager

Business Operations Manager

Compliance Officer

Risk Manager

Chief Legal Officer

Administrative Officer

Project Manager

Business Development Manager

Finance Manager

Company Director

General Manager

Property Manager

Procurement Manager

Industries






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