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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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Documentation
Real Estate Agent
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Corporate Lawyer
Compliance Officer
Real Estate Broker
Transaction Manager
Property Developer
Business Owner
Procurement Manager
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