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.
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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
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
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
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