MUTUAL RESCISSION OF CONTRACT

KNOWN ALL MEN BY THESE PRESENTS

This MUTUAL RESCISSION AND RELEASE CONTRACT (“Rescission”),

made and entered into, by and between:

__________________, a domestic corporation

existing and duly registered under the laws of the
Philippines with, office address at
__________________________ represented by its
Chairman, __________________, hereinafter referred
to as the FIRST PARTY;

-and-

_________________, a domestic corporation

existing and duly registered under the laws of the
Philippines with, office address at
__________________________ represented by its
Chairman, ____________, and hereinafter referred
to as the SECOND PARTY.

-WITNESSETH–

WHEREAS, the FIRST PARTY and the SECOND PARTY, collectively known
as “Parties”, entered into a Contract dated _____________, hereinafter
known as “ORIGINAL CONTRACT”, attached hereto as Annex “A” and made
integral part of this Rescission;

WHEREAS, the Parties acknowledge that neither Party has fully performed
its obligation or duties pursuant to the terms and conditions set forth in the
Contract;

WHEREAS, the Parties to the ORIGINAL CONTRACT and to the Rescission

hereby mutually agree to rescind the ORIGINAL CONTRACT, thereby returning the
Parties to their respective position before the OIGINAL CONTRACT’s effective date;

NOW THEREFORE, for the reasons set forth above, and in consideration
of the mutual covenants of the Parties hereto, the Parties agree as follows:

1. The ORIGINAL CONTRACT is hereby terminated and deemed null

and void as of the effective date; and neither party shall have any
rights and obligations thereunder.

2. The Parties release and forever discharge any and all liabilities that
have arisen or may arise from the ORIGINAL CONTRACT, and the
Parties waive any and all rights to assert any claim which has arisen
or may arise from the ORIGINAL CONTRACT prior to the effective
date of this Rescission Contract.
 IN WITNESS WHEREOF, the parties hereto have caused this Contract to
be signed by them or their respective duly authorized signatories on the ___ day
of ___________, 2018 at _____________________, Philippines.

________________ _________________

By: By:

_______________ _______________
Chairman Chairman

SIGNED IN THE PRESENCE OF:

__________________________________ ________________________________

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

___________________________ )S.S.

BEFORE ME, a Notary Public for and in _______________, personally appeared

the following:

Name Government Issued on Issued at

issued ID

all known to me and to me known to be the same persons who executed the foregoing
instrument and acknowledged to me that the same is their free voluntary acts and
deeds.

WITNESS MY HAND AND SEAL on this ___ day of ________, 2018 at the place
first written above.

NOTARY PUBLIC

Doc. No. ____;

Page No. ____;
Book No. ____;
Series of 2018.