PLEASE NOTE: Qualifying residents must complete the Request for Release from the Student. A petition to cancel for the reasons listed below will be an automatic approval upon completion of the required paperwork, which is available in the UHS office.A termination and release agreement is a contract that is used when two parties mutual agree to end a legal contract. Download this free Contract Termination Letter. Use this letter to give notice to terminate an independent contracting relationship. Formally conclude agreements with our termination of agreement and release template. Prevent future disputes and ensure clarity for all parties involved. This document cancels a previous Deed of Assignment between a First Party and Second Party for the transfer of shares of stock.