RELEASE FROM OBLIGATIONS CONTAINED IN A CONTRACT
THIS DEED OF RELEASE is executed on the _______ day of ________
M/s_____________________, a company incorporated under the Companies Act, 1956 and having its registered office at ________ __________ of the first part;
M/s__________________, a company incorporated under the Companies Act, 1956 and having its registered office ___________________ of the second part;
both parties hereinafter collectively referred to as parties and individually as the first party, and second party respectively, which expression shall include their respective legal representatives, successors, and assigns.
1. The parties had on the _____ day of _____ executed distributorship agreement for distribution of the goods more particularly detailed in the agreement.
2. As per clause ___ of the agreement, the second party was under an obligation to do the following acts:
3. Due to some change in the business plans of the first party, they have now agreed to release the second party from the obligations mentioned in sub clauses ii & iii above.
NOW THIS DEED WITNESSES as follows:
1. The first party hereby releases the second party from so much of its obligation under the aforesaid agreement dated the _____ day of _____ as relates to the sub clauses ii & iii above.
2. The parties hereto hereby agree that the remaining obligations under the aforesaid agreement dated the ___ day of ____ shall continue to be binding and of full effect.
IN WITNESS WHEREOF, the parties to this deed have scribed their hands on the day and year above mentioned.