A Cancellation is the cancellation, suspension of a document or a signed commitment, between two people, or between an individual and a company, in a timely manner.
Suspension or cancellation of a commitment or document
Meanwhile, it is a word that due to its broad reference can be used in different areas, for example, the cancellation of a trip, the cancellation of a mortgage, the cancellation of a service, the cancellation of a loan, the cancellation of a flight, the cancellation of an event such as a birthday, a dinner, an exam, a marriage, among others.
Cancellation may mean that something that was planned is never done again or that it is suspended only for a time, until certain conditions that are required are restored.
Reasons for cancellation
Generally, the cancellation will have a reason, a compelling reason, that leads those responsible for the commitment or those subscribers of a document to decide to cancel it.
For example, health reasons, the impossibility of guaranteeing security, a fight, are some of the reasons why documents or commitments are usually canceled.
Not necessarily what is canceled will not be carried out, it is common for some weighty circumstances, such as bad weather conditions, to make the decision to cancel a flight, however, once the imponderable is solved, the cancellation will be lifted and then the person can either embark on their journey or move on with the matter at hand.
Although not in all the cases mentioned it is necessary, in many contexts, such as services, it is required, when wanting to cancel it, that the owner make a cancellation letter in which he or she gives an account of the reasons and your personal data to proceed with it.
Now, in matters that have to do with the personal, such as the cancellation of a wedding, it almost always implies that this event will not be generated or materialized today, tomorrow, or ever.
Because when it comes to this type of issue, surely, there is a personal issue of weight, a deception, the loss of love, a strong fight, among other causes, which are what trigger the decision not to continue with the commitment taken, And in personal matters, it is much more difficult to go back and continue when a relationship breaks down, for example, of course it is not the same as the bad weather of a day that causes a trip to be canceled, but the next day there is a bright sunny day and then you can travel ...
When personal or family events or events are canceled, the ideal is also to notify the people involved or invited through a formal or informal communication so that they know in advance that the event will not take place as planned.
Pay a debt
On the other hand, the word cancellation is often used a lot in the economic plane to refer to the cancellation of debts that have been contracted in a timely manner with someone, a natural person, who can be a friend or family member, or those that are contracted with a financial institution, among others.
The act of cancellation of a debt implies that the debtor party pays the entire amount owed to the party that lent him money and then from that moment the debt is canceled and no longer exists.
Nor can any claim be made for it.
Normally what is done is to sign a document in which the lending party and the debtor agree that the debt has been paid in accordance, and there is no balance to be paid.
This document is very important for the timely debtor party because it establishes that it has already paid what it owed and then it will nullify any type of claim that they may want to make.
Cancellation is one of the concepts that are often used as a synonym for cancellation.
