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In this tutorial, the focus is on termination and release agreements. It is essential to understand these documents as not all transactions reach closing successfully. A termination form is optional and should ideally be used alongside a fully executed release agreement. This form serves as a unilateral notification from one party to another, indicating the termination of the transaction. However, this may trigger a response from the other party, often leading to disputes over unmet contract items, which can escalate to litigation. Understanding the distinctions and applications of these agreements is crucial for effective transaction management.
