According to the relevant laws and regulations, the rights and obligations of both parties can be guaranteed by signing a contract, but the contract can only take effect after being signed and sealed by both parties. For the signatory, it can be one person or two people. If it is signed by two people, it means that if there are any problems and disputes in the future cooperation process, two people need to share the responsibilities and obligations, and they can't pass the buck to one of them.

The conditions for signing this contract are as follows:

1. Both parties to the contract have corresponding civil capacity;

2. Both parties to the contract can reach an agreement on the main contents of the contract through consultation, and their intentions are true;

3. The content of the contract does not violate the mandatory provisions of laws and regulations and public order and good customs;

4. The form of contract conclusion shall conform to the corresponding legal provisions.

The termination of this contract is as follows:

1. The debt has been performed as agreed;

2. Termination of the contract;

3. The debts offset each other;

4. The debtor shall deposit the subject matter according to law;

5. Creditors are exempted from debts;

6. Creditor's rights and debts belong to one person;

7. Other circumstances under which the termination is stipulated by law or agreed by the parties.

To sum up, if the creditor releases part or all of the debtor's debts, the rights and obligations of the contract will be partially or completely terminated; If the creditor's rights and debts belong to the same person, the rights and obligations of the contract shall be terminated, except those involving the interests of a third party; After the termination of the contract, the parties shall abide by the principle of good faith and fulfill the obligations of notification, assistance and confidentiality according to the trading habits.

Legal basis:

Article 502 of the Civil Code of People's Republic of China (PRC)

A legally established contract shall come into force upon its establishment, except as otherwise provided by law or agreed by the parties.

In accordance with the provisions of laws and administrative regulations, if the contract should go through the approval procedures, such provisions shall prevail. If the failure to go through the formalities such as approval affects the effectiveness of the contract, it will not affect the performance of the obligation clauses such as approval and the effectiveness of relevant clauses in the contract. If the party that should go through the formalities for approval fails to perform its obligations, the other party may require it to bear the responsibility for violating its obligations.

The modification, assignment and dissolution of a contract shall be subject to the provisions of laws and administrative regulations, and the provisions of the preceding paragraph shall apply and shall be subject to approval.