Cancellation of an Agency Agreement (India) by OLL
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CANCELLATION OF AN AGREEMENT
THIS AGREEMENT is made this the _________ day of _________,
BETWEEN
The ________________________________ Company, a partnership firm duly registered under The Indian Partnership Act, 1932, with its office at _____________________________(hereinafter called the ‘‘Principal’’) of the one part
AND
Shri ______________________________________,
aged about. _________years,
son of Shri __________________________________,
resident of ____________________________________________________, (hereinafter called the ‘‘Agent’’) of the other part.
WHEREAS by an agreement, dated _________________________, the Principal herein had granted to the Agent herein exclusive rights to exploit, advertise and sell or cause to be sold the manufactured oil products of the Principal on commission basis, AND WHEREAS for some unavoidable reasons the Agent is unable to do the work under the said agreement and is willing to be released from his obligations under the said Agreement, provided the Principal refunds the advance of Rs ___________deposited by the Agent with the Principal under stamped receipt, dated _________.
NOW THESE PRESENTS WITNESS as under:
1. That in consideration of the refund of the said advance of Rs ______________ in full, the parties hereby agree to mutually release and relinquish their respective rights and obligations under the Agreement, dated ____________ entered into by the parties hereto.
2. That pursuant to the Agreement herein, the parties hereto declare and agree that the Agreement, dated ____________, between them is hereby cancelled and rescinded and that no party shall be under any obligation thereunder.
IN WITNESS whereof, the said________________________ _________ Company, acting through its partner, Shri __________________________ and the Agent, the said Shri_________________ _________ have hereunto signed at _________ the day and the year first above-written.
Witnesses: Sd _________ Co.,
Partner.
Principal.
1.
2.
Sd _________
Agent.
Note.—This is a document of release and must be stamped as such.
This document is used for the mutual cancellation of an existing agency agreement between a principal and an agent. It outlines the formal release of both parties from their respective contractual obligations and provides for the refund of any advance deposit held by the principal.
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About this template
What is this template?
This document is a formal release agreement that terminates a specific commercial relationship. It is not a notice of termination, but a mutual agreement that requires the refund of a specific advance payment to be effective.
When should you use it?
Use this when both parties agree to end an agency relationship early and require a written record of the return of a security deposit. Use a Notice of Termination if one party is ending the deal without the other's consent.
What's inside
| Clause | Name | What it does |
|---|---|---|
| WHEREAS | Recitals | Names the original agreement date and confirms the Agent's desire to be released from obligations due to unavoidable reasons. |
| WHEREAS | Refund Condition | Sets the refund of the advance deposit of Rs [amount] as the condition for releasing the Agent from the agreement. |
| 1 | Mutual Release | Confirms the parties mutually release and relinquish all rights and obligations under the original agreement dated [date]. |
| 2 | Rescission | Declares that the original agreement is formally cancelled and rescinded, ending all future obligations for both parties. |
Who it's for
- an individual agent in India seeking release from exclusive rights to sell oil products
- an Indian partnership firm refunding a deposit to terminate an agency relationship
How long it runs and how it's signed
Law it's drafted under
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