Notice of Rescission

When two parties who entered in a contract or agreement previously want to terminate the agreement and go back to the point before signing the contract, they can rescind the agreement. When an agreement is being rescinded, both the parties are informed by the notice of rescission. The key purpose of rescinding an agreement is to make things the way they were before the parties signed the agreement. The parties can rescind the contract by themselves with mutual agreement, file a case in the court and let the judge rescind the agreement or hire a rescission firm for settlement. In either case, both the parties are informed formally with the notice of rescission. In this notice, the most important element is the date from which the rescission is effective which can be the date each party receives the notice or some other date in the future.

Key Elements to include in Notice of Rescission:

  • Name of the first party who signed the agreement with complete address
  • Name of the second party who signed the agreement with complete address
  • Date when the notice of rescission is being sent to both parties
  • Reference and details of the agreement the parties signed earlier
  • Reasons of rescinding the agreement (if applicable)
  • Date when the agreement was rescinded
  • Specific way the agreement was rescinded i.e. by judge, by mutual agreement of parties or settlement by a third party i.e. settlement firm
  • Effective date of the notice i.e. upon receive by the parties or another date in future
  • Signature of both the parties or mediator and witnesses

Three ways a Contract can be Rescinded:

  1. By mutual consideration and agreement:
    If the agreement signed between the parties isn’t very important and if they terminate it, it won’t affect other people, the parties can rescind the agreement by sitting together and finding mutual ground for the settlement. In this process, they don’t need to include any legal help but for their own sake, they can introduce their personal settlement officers to talk and settle on their behalf.
  2. By filing a case in local court:
    If both the parties realize that they can’t rescind the agreement with mutual consideration or either party is not cooperating with the other one, they can file a case in the local court and let judge take charge and decide the rescission. Although this is a long process and it can take time from few weeks to months but there is a surety that the agreement will definitely be rescinded by the court.

By including a third party (mediator):
If the parties don’t want to rescind the agreement by mutual consideration or by involving court in the matter, they can hire a third party or a mediator who will listen to their statements and decide either in favor of rescission or against it and both the parties agree not to object the final decision made by the mediator.

Here is preview of a free sample Notice of Rescission created as fillable PDF form,


Notice of Rescission

Here is download link for this Notice of Rescission,

Download Notice of Rescission


Related Fillable PDF Forms

  • Breach of Contract Notice SampleBreach of Contract Notice Sample A contract is a written and signed agreement between two parties or companies in order to make sure that both the parties stick to the agreed plans and fulfill the requirements and expectations of the other party. The key purpose of signing a contract is to make sure that no party faces […]
  • Mutual Releases Agreement TemplateMutual Releases Agreement Template In order to terminate an agreement written and signed between two parties earlier, it is important for both of them to agree to terminate the agreement and return the things as they were before the agreement was signed or the deal was made. In this situation, when each party wants to […]
  • Acknowledgement Letter for Modified TermsAcknowledgement Letter for Modified Terms We can describe the modified terms as the new clauses, terms and conditions that both parties want to include in the actual written contract or agreement. It is important to modify the actual written and signed contract separately because once an agreement is signed by the both parties, […]
  • Assignment of Damage ClaimAssignment of Damage Claim When a certain type of damage is caused by an individual, a company or a department, the person who got the damage on his property or health, has the right to file a case against the person who caused the damage and demand a claim for the loss of personal property or anything else. For […]
  • Final Notice Before Legal ActionFinal Notice Before Legal Action If you are having a dispute related to anything with someone and the agreement you both signed allows you to take legal action against the other party, probably it’s still not the good time to involve a court in the matter and you should try one last time to resolve the matter without […]
  • Second Notice of Overdue AccountSecond Notice of Overdue Account When a client or customer doesn’t make the payment to the company in time and the payment is pending for a long period of time, companies treat this kind of account as overdue account. In simple words, a client is required to make full payment before 15th of next month but if the doesn’t […]
  • Assignment of ContractAssignment of Contract A contract is an agreement or written statement between two parties in which one party is the obligor and the other party is the client who hired the obligor. In the contract, the client explains that he has hired the contract for specific purposes or services where the obligor explains […]
  • Revocation of GuarantyRevocation of Guaranty When a third party or most commonly an individual is involved in a deal as a guarantor or insurer, he reserves the right to revoke the guaranty anytime he wants or feels needs to. The formal letter or notification that is sent to the creditor and principal is known as the revocation of […]
  • Withheld Delivery NoticeWithheld Delivery Notice When a supplier or vendor is required to hold the delivery of an order due to any reason, they are also required to notify the buyer about the possible delay in the delivery process and why the supplier withheld the delivery so that the buyer can come forward to the resolve the issue and […]
  • Presentment of Payment Letter (Demand by Mail)Presentment of Payment Letter (Demand by Mail) When a client or customer owes money to a company i.e. supplier, the creditor or the person who wants the money or payment has the legal responsibility of informing the client about his late or overdue payment. This job is done with the presentment of payment demand letter. Usually […]