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1. Parties: Identification of all parties to the cancellation agreement, including their full legal names, addresses, and any relevant registration numbers
2. Background: Details of the original contract being cancelled, including its date, purpose, and any relevant history leading to the cancellation
3. Definitions: Key terms used in the cancellation agreement, including reference to the Original Contract and Effective Date of cancellation
4. Termination: Express statement of the parties' agreement to terminate the original contract and the effective date of termination
5. Settlement of Outstanding Obligations: Details of any payments, refunds, or other obligations that must be fulfilled by either party
6. Return of Property: Requirements for returning any physical or intellectual property, documents, or materials
7. Mutual Release: Release of claims and liabilities between the parties related to the original contract
8. Confidentiality: Ongoing obligations regarding confidential information even after termination
9. Governing Law: Specification that Philippine law governs the cancellation agreement
10. Execution: Signature blocks and execution requirements
1. Survival Clauses: Identifies specific provisions from the original contract that will survive termination, used when certain obligations need to continue
2. Transition Arrangements: Details of any transitional period or handover requirements, used when immediate termination isn't practical
3. Non-Disparagement: Mutual agreements not to make negative statements about each other, particularly relevant in business or employment contexts
4. Future Cooperation: Framework for any necessary future cooperation between parties, used when ongoing limited interaction is needed
5. Tax Implications: Addressing any tax consequences of the cancellation, used when significant financial settlements are involved
6. Dispute Resolution: Specific procedures for resolving any disputes arising from the cancellation, used in complex terminations
1. Schedule 1 - Original Contract: Copy or details of the contract being cancelled
2. Schedule 2 - Settlement Statement: Detailed breakdown of any financial settlements, including calculations and payment terms
3. Schedule 3 - Property Inventory: List of items to be returned or transferred between parties
4. Schedule 4 - Outstanding Obligations: Comprehensive list of any remaining obligations and their resolution
5. Appendix A - Execution Formalities: Any specific requirements for execution under Philippine law, including notarization requirements if applicable
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