This mutual cancellation of contract agreement enables two parties to terminate an existing contract without further recourse to the other and mutual release of. Web there are numerous ways in which a contract can come to an end, not just by agreement, see: You can use this template when you’ve mutually agreed with your client or partner to terminate the main contract. Web this is a generic form of termination agreement for use when parties to a commercial contract have mutually agreed to terminate the agreement. Web letter setting out an agreement terminating employment by mutual consent.