6 Latest Contract Termination Minutes Templates 2024
In business activities, making a contract liquidation record is an important process, to confirm that the parties have fulfilled their obligations and no further legal disputes arise later. To better understand this topic, 1C Vietnam will introduce to businesses some common contract liquidation record templates in the article below.
1. What is a contract liquidation record?
The contract liquidation minutes are a document recording the termination of the agreement between the two parties as stipulated in the contract, and at the same time accepting the items, payment obligations and issuing invoices as prescribed. According to the provisions of Article 422 of the 2015 Civil Code , the contract can only be terminated in the following cases:
- The contract was completed in accordance with the agreement between the two parties.
- The contract is canceled or terminated unilaterally.
- The contract is terminated because the subject matter of the contract no longer exists.
- The contracting party dies or the contracting legal entity ceases to exist.
- Contract terminated due to change of circumstances.
- Some other cases.
Normally, individuals and businesses use contract liquidation minutes in civil transactions with the purpose of terminating the rights and obligations of the parties. In addition, signing a contract liquidation minute will also help limit unnecessary legal disputes in the future.
2. Latest updated contract liquidation minutes template
Below are some sample contract liquidation minutes of each specific type of contract, your business can rely on them to draft appropriate liquidation minutes:
2.1 Common contract liquidation minutes
When the parties execute the contract, a contract liquidation record will be drawn up to record the termination of all rights and obligations of the parties under the signed contract. At the same time, the two parties will also determine the property responsibilities and legal consequences of having to liquidate before the contract expires.
2.2 Sample minutes of liquidation and transfer of shares
When transferring shares, it is necessary to establish a record of liquidation of the transfer of shares to show that the parties (the transferor and the recipient) have paid for the number of shares transferred.
2.3 Sample minutes of liquidation of capital contribution transfer contract
Transferring capital contribution is a process that requires high precision and care. The minutes of liquidation of capital contribution transfer contract must be presented in accordance with regulations and meet legal requirements to ensure transparency and fairness, while avoiding unnecessary disputes later. Below is a sample of liquidation of capital contribution transfer for reference:
2.4 Sample minutes of loan contract liquidation
The minutes of liquidation of the loan contract are used to confirm the terms related to the loan amount, rights and obligations of the parties involved in the transaction. This document helps ensure that the parties will not have any outstanding legal responsibilities and serves as evidence if problems arise later.
2.5 Sample minutes of liquidation of brokerage contract
In brokerage-related transactions such as: real estate brokerage, labor brokerage, commercial brokerage... businesses often use a brokerage contract liquidation form to clearly state the regulations on payment of related costs.
This type of legal document is created when the parties decide to terminate or complete the signed brokerage contract. Examples include: lease termination minutes, labor contract termination form, sales contract termination form, service contract termination minutes, etc.
2.6 English contract termination minutes form
Minutes of contract liquidation in English is a type of document that is quite commonly used in civil transactions. However, to draft a contract liquidation in the right context and style requires the drafter to spend a lot of time, as well as have good foreign language skills.
3. Legal value of acceptance and contract settlement minutes
In the 1989 Economic Contract Ordinance, Article 28 stipulates the following cases where contract liquidation is required:
- Economic contract completed
- The contract has expired and there is no agreement to extend it.
- Contract suspended or terminated
- The contract shall not be continued to be performed according to the provisions in paragraph 2, paragraph 3, Article 24 or Article 25 of this Ordinance.
To date, the 1989 Economic Contract Ordinance has expired and the term contract liquidation is no longer recognized in current legal documents, instead, the provisions on contract termination are stipulated in the 2015 Civil Code. Specifically, Article 422 stipulates that the contract will only be terminated in the following cases:
- The contract has been completed based on the agreement of the parties.
- The individual participating in the contract dies, or the legal entity participating in the contract ceases to exist and the contract must be performed by that individual or legal entity.
- The contract is cancelled or the individual unilaterally terminates the performance.
- A contract is not performed for the subject matter of the contract no longer exists.
- The contract terminates as provided in Article 420 of this Code.
- Some other cases.
It can be seen that the contract liquidation minutes are commonly used to confirm that the parties have fully performed their rights and obligations according to the provisions stated in the contract. At the same time, the parties will enjoy the corresponding rights, no longer be bound and avoid future legal disputes.
However, in some cases, the contract can still be terminated if the obligations have not been fully performed. The parties will agree on the time of contract termination based on the principles stipulated in Clause 2, Article 3 of the Civil Code.
4. Is it mandatory to make a contract liquidation record?
In all different fields, the minutes of contract liquidation will be made based on the agreement of the parties involved, so as not to violate the law and social ethics.
In addition, if the contracting parties do not want to make a contract liquidation record, they can add some terms in the main contract to make the contract liquidate itself. For example:
- In case the parties have completed their obligations and no disputes arise, the contract will be automatically liquidated.
- After 15 days from the date the parties have completed all their obligations, the contract will automatically liquidate...
The contract liquidation minutes are an important legal document, helping to confirm that the parties involved have fulfilled their obligations under the agreement, as well as legal evidence to protect the rights of the parties in case of disputes. With the detailed information that 1C Vietnam has shared above, we hope that your business has a more general view to proceed with the termination of the contract while still ensuring your rights. If you have any questions about contract liquidation minutes or overall business management solutions, please contact 1C Vietnam immediately for support.