Exemption Agreement
This Exemption Agreement ("Agreement") is made and entered into as of this 5th day of January, 2050, by and between:
Party A: [Your Company Name], [Your Company Address]
Party B: John Doe, 789 Maple Avenue, Oakwood, IL 60501
RECITALS
WHEREAS, [Your Company Name] ("Party A") and John Doe ("Party B") entered into a contract on the 1st day of June, 2049, for the provision of consulting services for a project titled "Project Apex";
WHEREAS, Party A desires to exempt Party B from certain conditions and obligations under the aforementioned contract due to unforeseen circumstances;
WHEREAS, Party B agrees to accept the exemption granted by Party A, as outlined in this Agreement.
NOW, THEREFORE, for and in consideration of the mutual covenants and promises contained herein, the parties agree as follows:
1. Exemption of Liability
Party A hereby exempts Party B from the following obligations under the contract signed on June 1, 2049:
Clause 3.2 (Payment Terms): Party B is exempt from the penalty payment of 5% of the total contract value for delayed project deliverables.
Clause 4.1 (Completion Deadline): Party B is exempt from meeting the original completion deadline of December 31, 2049, and the new deadline will be extended to June 30, 2050.
Clause 6.3 (Performance Review): Party B is exempt from the performance review meeting initially scheduled for January 15, 2050.
2. Effective Date
This exemption shall be effective as of January 5, 2050, and shall remain in full force and effect until June 30, 2050, unless terminated earlier by the provisions of this Agreement.
3. Scope of Exemption
The exemption granted under this Agreement applies only to the obligations and liabilities specified in Section 1 above and does not affect any other terms or conditions of the original contract between Party A and Party B.
4. No Waiver of Other Rights
This exemption does not waive or relinquish any other rights, remedies, or claims that either Party A or Party B may have under the original contract or applicable law, except as specifically stated herein.
5. Indemnity
Party B agrees to indemnify and hold harmless Party A from any claims, damages, or liabilities arising from Party B’s actions or omissions that are unrelated to the exempted obligations under this Agreement.
6. Termination
This Agreement may be terminated at any time by mutual written consent of both parties or by either party providing written notice to the other party 30 days in advance.
7. Miscellaneous
a. Governing Law: This Agreement shall be governed by and construed by the laws of the State of Illinois.
b. Entire Agreement: This Agreement constitutes the entire understanding between the parties for the subject matter hereof and supersedes any prior or contemporaneous oral or written agreements.
c. Amendments: Any modifications or amendments to this Agreement must be in writing and signed by both parties.
IN WITNESS WHEREOF, the parties hereto have executed this Exemption Agreement as of the day and year first above written.
Party A ([Your Company Name]):
Name: [Your Name]
Title: CEO
Date: January 5, 2050
Party B (John Doe):
Name: John Doe
Title: Consultant
Date: January 5, 2050
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