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Termination Of Contract And Release Of Earnest Money Form for Philippines

Termination Of Contract And Release Of Earnest Money Form Template for Philippines

A legally binding document under Philippine law that facilitates the mutual termination of an existing contract and addresses the disposition of earnest money between the parties. This document ensures compliance with the Civil Code of the Philippines and relevant property laws, providing a clear framework for contract termination while specifically dealing with the return, forfeiture, or distribution of earnest money deposits. It includes necessary provisions for mutual release of obligations, documentation of the original contract details, and proper execution requirements including notarization as per Philippine legal standards.

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Termination Of Contract And Release Of Earnest Money Form

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What is a Termination Of Contract And Release Of Earnest Money Form?

The Termination Of Contract And Release Of Earnest Money Form is a crucial document used in Philippine business and real estate transactions when parties mutually agree to terminate their contractual relationship and need to resolve the disposition of earnest money deposits. This document is particularly relevant when contracts are terminated before completion, requiring careful consideration of the Civil Code of the Philippines, the Maceda Law (for real estate transactions), and other relevant legislation. It serves multiple purposes: formally ending the contract, documenting the agreed handling of earnest money, providing mutual releases to prevent future claims, and ensuring compliance with Philippine legal requirements including proper notarization. The form is commonly used in real estate transactions but is also applicable in other commercial contexts where earnest money or deposits are involved.

What sections should be included in a Termination Of Contract And Release Of Earnest Money Form?

1. Parties: Identification of all parties involved in the original contract, including full legal names and addresses

2. Original Contract Details: Reference to the original contract including date, purpose, and any identifying numbers or references

3. Termination Agreement: Clear statement of mutual agreement to terminate the contract and the effective date of termination

4. Earnest Money Details: Specification of the earnest money amount and agreement on its disposition (return, forfeiture, or division)

5. Release and Waiver: Mutual release of claims and obligations related to the original contract and earnest money

6. Execution: Signature blocks for all parties and notarial acknowledgment section as required by Philippine law

What sections are optional to include in a Termination Of Contract And Release Of Earnest Money Form?

1. Surviving Obligations: Used when certain provisions of the original contract need to survive the termination

2. Additional Compensation: Include when there are other payments or compensation beyond the earnest money to be addressed

3. Confidentiality: Used when parties wish to maintain confidentiality about the termination and its terms

4. Dispute Resolution: Include when parties want to specify how any future disputes about the termination will be handled

5. Return of Property/Materials: Used when there is physical property or materials that need to be returned between parties

What schedules should be included in a Termination Of Contract And Release Of Earnest Money Form?

1. Schedule A - Original Contract: Copy or summary of the original contract being terminated

2. Schedule B - Earnest Money Payment Details: Documentation of earnest money payment(s) including dates, amounts, and payment method

3. Schedule C - Settlement Calculation: Detailed calculation of any adjustments or divisions of the earnest money, if applicable

Authors

Alex Denne

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

Jurisdiction

Philippines

Document Type

Release Agreement

Cost

Free to use
Relevant legal definitions

























Clauses























Relevant Industries

Real Estate

Property Development

Commercial Property

Residential Property

Retail

Manufacturing

Construction

Business Services

Professional Services

Hospitality

Relevant Teams

Legal

Real Estate

Sales

Compliance

Corporate Services

Contract Administration

Business Development

Property Management

Risk Management

Documentation

Relevant Roles

Real Estate Agent

Property Manager

Contract Administrator

Legal Counsel

Business Development Manager

Sales Manager

Corporate Lawyer

Compliance Officer

Real Estate Broker

Transaction Manager

Property Developer

Business Owner

Procurement Manager

Legal Administrator

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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