Mutual Release, Waiver, and Quitclaim - Template Form

MUTUAL RELEASE, WAIVER, AND QUITCLAIM

KNOW ALL MEN BY THESE PRESENTS:

This Mutual Release, Waiver, and Quitclaim (the "Quitclaim") is made and entered into this ________ day of _____________________, 20______ at City/Municipality of ___________________________, Province of ___________________________, by and between:

________, of legal age, Filipino, single, with residential address at ________, hereinafter referred to as the "First Party"

- and -

________, of legal age, Filipino, single, with residential address at ________, hereinafter referred to as the "Second Party"

The First Party and the Second Party shall be referred to as a "Party" individually and the "Parties" collectively.

WHEREAS, the Parties have a prior relationship based on an incident as described below (the "Incident");

WHEREAS, the Parties have chosen to enter into this Quitclaim in order to settle any and all claims arising out of the Incident;

NOW THEREFORE, in consideration of the obligations and covenants contained herein and other valuable consideration, the Parties do contract and agree as follows:

I. DETAILS OF THE INCIDENT

The details of the incident (the "Incident") to which this Quitclaim relates to are as follows:

________

The disputes and claims to which this Quitclaim relates arises from the Incident.

II. PAYMENT

The First Party shall pay the Second Party the sum of ________ (₱________), receipt of which in full is hereby acknowledged.

The Second Party shall pay the First Party the sum of ________ (₱________), receipt of which in full is hereby acknowledged.

III. SUFFICIENCY OF PAYMENT

Both Parties acknowledge the sufficiency of the Payment as consideration for this Quitclaim.

IV. MUTUAL RELEASE, WAIVER, AND QUITCLAIM

In consideration of:

A. the execution of this Quitclaim;

B. each Party's respective abandonment of its legal rights arising out of or in connection to the Incident; and

C. the receipt of the Payment;

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V. BAR TO FURTHER PROCEEDINGS

The Parties hereby agree that this Quitclaim may be pleaded as a full and complete defense to any claims, debts, demands, suits, actions, proceedings, or any liability which has been filed or may be filed against the other Party in connection to or arising out of the Incident.

VI. FULL AND FINAL SETTLEMENT

Each Party hereby expressly acknowledges and agrees that this Quitclaim and the Payment is for the full and final settlement and satisfaction of any and all claims for any losses, injuries, damages, or otherwise, which each Party may have against the other Party in connection to or arising from the Incident. Each Party agrees that they will not make any claim or take any action relating to the Incident against the other Party.

VII. NO ADMISSION

Nothing in this Quitclaim constitutes an admission of liability by either Party.

VIII. CONFIDENTIALITY

The Parties each, respectively, agree to keep the provisions of this Quitclaim confidential.

Notwithstanding the preceding paragraph, the Parties may disclose any details of this Quitclaim (the "Details") as follows:

A. to their respective legal or financial advisors ("Advisors") provided that the Party disclosing the Details to any such Advisors first ensures that those Advisors are legally bound to keep the Details confidential on terms at least as onerous as those contained in this Quitclaim; or

B. as otherwise required by law, by court order, or by requirement of any stock exchange or regulatory authority.

IX. LEGAL COSTS

Each Party must pay its own legal costs of and incidental to this Quitclaim.

X. NOTICES

Any notice or other communication required or permitted to be given under this Quitclaim shall be in writing and shall be deemed to have been duly given if delivered personally, sent by registered mail, or transmitted by electronic mail to the respective addresses of the Parties as set forth above, or to such other address as a Party may designate in writing.

All notices delivered personally shall be deemed received on the date of actual delivery.

All notices sent by registered mail shall be deemed received on the date indicated on the registry return receipt.

All notices transmitted by electronic mail shall be deemed received on the date of transmission, provided that no delivery failure notification is received by the sender.

Either Party may change its address for the purpose of receiving notices under this Quitclaim by giving written notice of such change to the other Party in accordance with this provision.

It shall be the responsibility of each Party to inform the other Party of any change in its address.

Failure to provide notice of a change of address shall result in any notice sent to the last known address being deemed validly served.

XI. INDEPENDENT LEGAL ADVICE

Each Party acknowledges that it has been given the opportunity to obtain independent legal advice regarding this Quitclaim, that it has read and understood the terms and provisions hereof, and that it executes this Quitclaim freely, voluntarily, and with full knowledge of its legal effects and consequences.

XII. ASSIGNMENT

This Quitclaim, or the rights granted hereunder, may not be assigned, sold, leased, or otherwise transferred in whole or in party by either Party.

XIII. SUPPORTING DOCUMENTS AND ADDITIONAL ACTS

The Parties agree to execute such other documents as are reasonable and necessary for the proper implementation of this Quitclaim.

XIV. APPLICABLE LAW

This Quitclaim shall be governed by and construed in accordance with the laws of the Republic of the Philippines.

XV. WAIVER

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XVI. COUNTERPARTS

This Quitclaim may be executed in counterparts, all of which constitute a single agreement. If the dates set forth at the signatures of this document are different, the Agreement shall be considered effective as of the date that both First Party and Second Party signed the Quitclaim.

XVII. SEVERABILITY

The invalidity of any portion of this Quitclaim will not and shall not be deemed to affect the validity of any other provision. In the event that any provision of this Quitclaim is held to be invalid, the Parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed subsequent to the expungement of the invalid provision.

XVIII. CUMULATIVE RIGHTS

The rights of the Parties under this Quitclaim and the law are cumulative and shall not be construed as exclusive unless otherwise required by law.

XIX. HEADINGS

Headings are for convenience only and do not affect the interpretation of this Quitclaim.

XX. VENUE OF ACTION

All actions arising out of or by virtue of this Quitclaim shall only be filed in the proper courts of ________, to the exclusion of all other courts.

XXI. SUCCESSORS AND ASSIGNS

This Quitclaim shall be binding on the successors and assigns of both Parties.

XXII. ENTIRETY OF AGREEMENT

This Quitclaim represents the entire agreement between the First Party and the Second Party and supersedes all prior negotiations, representations, agreements, either oral or written.

XXIII. AMENDMENTS AND MODIFICATIONS

This Quitclaim may be amended only by a written instrument signed and agreed upon by both Parties.

IN WITNESS WHEREOF, the Parties have hereunto affixed their signatures on the date and place first stated above.

________

________

Signed in the presence of:

________

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES )
PROVINCE OF ________________________ )
CITY OR MUNICIPALITY OF ________________________ )S.S.

BEFORE ME, a Notary Public, for and in the CITY OR MUNICIPALITY OF ________________________, ________________________, this _______ day of ________________________, 20______, personally appeared the following persons:

1. ________, with the following competent proof of identification: Driver's License with number ________ which expires on ________; and

2. ________, with the following competent proof of identification: Driver's License with number ________ which expires on ________

all known to me and to me known to be the same persons who executed the foregoing Mutual Release, Waiver, and Quitclaim constituting of _________ pages, including this page where the Acknowledgement is written, and they acknowledged to me that the same is their free and voluntary act and deed.

WITNESS MY HAND AND SEAL on the day and place first written above.

Doc No. ________;
Page No. ________;
Book No. ________;
Series of ________.