# Frustration of Purpose Contract Agreement
**This Frustration of Purpose Contract Agreement** ("Agreement") is made and entered into as of this [Date] by and between:
**[Party A Name]**
[Address]
[City, State, Zip Code]
(Hereinafter referred to as "Party A")
AND
**[Party B Name]**
[Address]
[City, State, Zip Code]
(Hereinafter referred to as "Party B")
**WHEREAS**, Party A and Party B entered into a prior agreement on [Original Contract Date] (the “Original Agreement”) for the purpose of [describe the original purpose of the Agreement, e.g., "the rental of a venue for a wedding ceremony"].
**WHEREAS**, unforeseen circumstances have arisen which frustrate the primary purpose of the Original Agreement due to [detailed description of the frustrating event, e.g., "the unexpected closure of the venue due to a natural disaster"].
**NOW, THEREFORE**, in consideration of the mutual covenants and agreements contained herein, the parties agree as follows:
## 1. **Frustration of Purpose**
The parties acknowledge that the purpose of the Original Agreement has been significantly affected and frustrated by circumstances beyond their control, making it impossible or impractical for the intended purpose to be fulfilled.
## 2. **Release from Obligations**
Both parties agree to release each other from any obligations under the Original Agreement and accept that no party shall be held liable for non-performance of the contractual obligations cited in the Original Agreement.
## 3. **Financial Settlements**
[Specify any financial terms, such as refunds or deposits, that are applicable.]
Party A agrees to [describe any refunds, reductions, or relief terms, e.g., "refund Party B's deposit in the amount of $X within Y days"].
## 4. **No Further Claims**
Each party agrees that this Agreement constitutes a full and complete settlement of any claims which either party may have against the other arising from the Original Agreement.
## 5. **Governing Law**
This Agreement shall be governed by and construed in accordance with the laws of the State of [Your State].
## 6. **Amendments**
Any amendments to this Agreement must be made in writing and signed by both parties.
## 7. **Entire Agreement**
This Agreement constitutes the entire agreement between the parties concerning the subject matter herein and supersedes all prior agreements, understandings, and representations.
## IN WITNESS WHEREOF, the parties have executed this Frustration of Purpose Contract Agreement as of the date first above written.
**Party A:**
____________________________________
[Party A Name]
Date: ______________________________
**Party B:**
____________________________________
[Party B Name]
Date: ______________________________
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**Note:** It is advisable for both parties to seek independent legal advice before signing this Agreement.