Agreement to Rescind a Contract

Agreement to Rescind a Contract

THIS AGREEMENT is made this ………… day of…………between AB son of …………… residing at ………… of the one part and CD son of ………… residing at…………of the other part.

WHEREAS by an agreement dated the ………… day of …………, and made between the said AB and the said CD, the said CD agreed to erect, construct and build for the said AB at ……… a dwelling house etc. on the terms and conditions therein mentioned: And whereas differences having arisen between the said AB and the said CD regarding the terms, conditions and implications of the said agreement, the parties hereto have agreed to rescind the said agreement: NOW IT IS HEREBY AGREED as follows:

1. The aforesaid agreement made on the ……… day of ………, be and is hereby rescinded.

2. That on adjustment of the account between the parties of all sums paid by the said AB and all work done, executed or performed by the said CD a further sum of Rs. ……… is found due and payable to the said CD which the said CD doth hereby admit, acknowledge and confirm to have received from the said AB.

3. Each party releases the other from the obligation arising out of performance or non-performance of the contract under the aforesaid agreement.

IN WITNESS WHEREOF the parties hereto have executed these presents on the day, month and year first above-written.

Signed and delivered by AB

Signed and delivered by CD

WITNESS:

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