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Template - contract
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Posted 15 August 2019 - 10:28 PM
I had a contract with a ex boss to pay her out a business loan, it officially due to end 2024 however in the contract it allows me to pay out prior without penalty
Is there a template I can have my ex boss sign to say she has received it and the contact is no longer valid? It was the last condition of the contract so want to tie all ends
Posted 16 August 2019 - 09:46 PM
Just set out the facts in a letter and both of you sign and keep a copy.
A) we had an agreement dated X
B) under that agreement I still owe you Y
C) clause X of the agreement permits me to pay out the balance and terminate the agreement without penalty.
D) by signing this letter,
- you agree that you have received the balance of Y in full and final settlement of all amounts payable by me under the agreement and you release me from any further claim, or liability arising under or in relation to this agreement.
- you agree that all obligations under the agreement are satisfied and the agreement is terminated as at the date the balance of funds was paid.
Pay it by Cheque or transfer not cash if you can and you’ll have that record too.
You might find precedent text online if you search for something like Deed of Settlement and Release.
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