Adam Frankel
General Counsel · Technology & AI
15+ years as General Counsel to technology, cloud & AI companies
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herein, the parties hereto declare and agree that the Agreement dated ____________ between them is hereby cancelled and rescinded, and that no party shall be under any obligation thereunder.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.
Sd. ________________________
For ____________________ Company
Partner (Principal)
Sd. ________________________
Agent
WITNESSES:
1. ________________________
2. ________________________
Note: This is a document of release and must be stamped as such.
About this template
What is this template?
This document is a formal deed of rescission specifically designed for the Indian legal context. It establishes the return of a specific Rupee advance as a condition of release and is not a general-purpose settlement agreement for employment disputes.
When should you use it?
Use this template when an agent and principal agree to end their relationship by returning the original security deposit. Use a Settlement Agreement instead if there are outstanding legal claims or disputes over unpaid commissions.
What's inside
| Clause | Name | What it does |
|---|---|---|
| WHEREAS | Background of the Relationship | Identifies the original agreement date and the agent's exclusive rights to exploit, advertise, and sell oil products on a commission basis. |
| WHEREAS | Condition for Release | Makes the agent's release from obligations conditional upon the principal refunding a specific Rupee advance amount previously deposited under a stamped receipt. |
| 1 | Mutual Release | The parties mutually relinquish their respective rights and obligations under the dated prior agreement in exchange for the full refund. |
| 2 | Rescission of Agreement | Expressly declares that the prior agreement is cancelled and rescinded, removing all future obligations for both parties. |
Who it's for
- an Indian partnership firm needing to terminate an exclusive agency contract for oil products
- a commercial agent seeking to recover a security deposit upon exiting an agreement
- parties looking to mutually rescind a commission-based sales arrangement
How long it runs and how it's signed
How long
Used once
Signed by
Partner (Principal), Agent
Witness
Required
Notarisation
Not required
Also needed
stamp duty as a document of release
Law it's drafted under
Refers to
Indian Partnership Act, 1932
Jurisdiction
India
Document info
GitLaw document. Document created on Fri Jun 26th, 2026. Last updated on Fri Jul 10th, 2026.
This document is public
Licensed under CC BY 4.0 (Attribution).
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