How it works
If you're wishing you could turn back the clock on a contract, a Mutual Rescission and Release Agreement is your legal time machine. Use it when both parties want a clean break.
There's never a guarantee that a contract will work out. Perhaps the arrangement isn't as profitable as you hoped, or maybe it's not the right fit. Sometimes, you just have a change of heart. When everyone involved wants out, use a Mutual Rescission Agreement to dissolve it without further ado. Essentially, the agreement will leave each party as they were before penning the deal. It can also absolve you from any future rights or responsibilities. As long as you and your partners are on the same page, you don't need to wait for the clock to run out on a disappointing contract.
Other names for this document: Mutual Rescission of Contract, Mutual Rescission and Release Agreement, Equitable Rescission
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