The Release Of Contract Letter is a crucial legal document used in Pakistani business and legal practice when parties wish to formally terminate their contractual relationships before the natural completion of the contract terms. This document is essential when both parties mutually agree to end their contractual obligations and want to ensure legal clarity and protection in doing so. The letter must comply with the Pakistani Contract Act 1872 and related legislation, and typically includes identification of the original contract, clear release statements, effective date, and any settlement terms. It's particularly important in situations where there needs to be a clean break between parties, such as ending business partnerships, service agreements, or employment contracts. The document helps prevent future disputes by clearly documenting the termination terms and mutual release of obligations.
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1. Letter Header: Include sender's details, recipient's details, date, and reference number of the original contract
2. Subject Line: Clear identification of the document as a Release of Contract Letter and reference to the specific contract being released
3. Contract Identification: Specific details of the original contract including date, parties involved, and contract reference number
4. Release Statement: Clear and unambiguous statement of the mutual agreement to release the contract
5. Effective Date: Specification of when the release takes effect
6. Mutual Release Clause: Statement releasing both parties from future obligations and liabilities
7. Governing Law: Confirmation that the release is governed by Pakistan law
8. Signatures: Space for authorized signatures from both parties
1. Outstanding Obligations: Section detailing any remaining obligations that need to be fulfilled by either party
2. Settlement Terms: Details of any financial settlements or payments required as part of the release
3. Confidentiality: Statement regarding continuing confidentiality obligations, if applicable
4. Return of Property: Instructions regarding the return of any property, documents, or materials
5. Survival Clauses: Identification of any contract provisions that survive the release
6. Non-Disparagement: Optional clause preventing parties from making negative statements about each other
7. Dispute Resolution: Procedure for resolving any disputes that may arise from the release
1. Schedule A - Settlement Details: Detailed breakdown of any financial settlements or payments if complex terms are involved
2. Schedule B - Property List: Itemized list of any property or materials to be returned by either party
3. Schedule C - Related Contracts: List of any related contracts affected by this release
4. Appendix 1 - Original Contract: Copy of the original contract being released (for reference)
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