A Release Agreement (Waiver) is an enforceable promise not to proceed with a legal claim in exchange for money or other compensation. Also known as a Release and Dispute Settlement Agreement.
A Release Agreement is used when two parties settle a legal dispute. Essentially, the release will set out the terms of how the parties have agreed to settle their dispute (eg. one party will pay money to the other party, property will be returned, etc). As part of the settlement, the release document provides that neither party will sue each other or make any further claims against each other.
In other words, the dispute is over and settled. Once the releases have been signed, neither party can come back later and make any demands, lawsuits, or other claims against the other party regarding the subject matter of the release. It is common that each party in a dispute will give the other party a release.
The release will usually include terms covering the following:
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terms of the settlement (eg. one party will pay money to the other party, property will be returned, etc). It may also state payment terms (eg. lump sum payment, or payment of a certain amount per month for a fixed number of months)
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confidentiality requirements (this is to ensure that no one discusses the terms of the settlement in the event that the parties want the matter to be kept confidential)
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agreement that the party no longer has any claim against the other party regarding the subject matter described in the release
Download: Release Agreement (Waiver)
