GENERAL RELEASE AGREEMENT
State of ________
This General Release Agreement (this “Agreement”) is entered into and made effective as of ________ (the “Effective Date”), by and between ________ (the “Releasor”), having a principal address at:
________
and ________ (the “Releasee”), having a principal address at:
________
The Releasor and the Releasee may each be referred to individually as a “Party” and collectively as the “Parties.”
NOW, THEREFORE, in consideration of the mutual covenants and obligations set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:
§ 1. RECITALS AND DEFINITIONS.
1.1 The recitals set forth above are incorporated herein by reference and made a part of this Agreement. The term “Released Parties” shall have the meaning ascribed to it in § 2 below. The term “Incident” shall have the meaning ascribed to it in § 3 below. The term “Claims” shall mean any and all claims, causes of action, suits, liabilities, disputes, demands, damages, losses, costs, expenses, attorneys’ fees, agreements, contracts, obligations, promises, debts, and accounts of any kind or nature whatsoever, whether at law or in equity, whether arising under statute, contract, tort, or otherwise, and whether currently known or unknown, suspected or unsuspected, fixed or contingent.
§ 2. GENERAL RELEASE.
2.1 In exchange for the consideration described in § 4 below, the Releasor, on behalf of the Releasor and the Releasor’s spouse, heirs, executors, administrators, successors, assigns, agents, and legal representatives, hereby irrevocably and unconditionally releases, acquits, and forever discharges the Releasee and the Releasee’s spouse, heirs, assigns, successors, officers, directors, employees, agents, executors, partners, administrators, insurers, and other legal representatives, together with any person or entity claiming by, through, or under any of them (collectively, the “Released Parties”), whether in their individual or business capacities, from any and all Claims arising out of, relating to, or in connection with the Incident, which the Releasor now has, ever had, or may hereafter have against the Released Parties (the “Release”).
2.2 The Releasor expressly understands and agrees that the Release extends to Claims that the Releasor does not know or suspect to exist as of the Effective Date and that, to the fullest extent permitted by applicable law, the Releasor hereby waives the benefit of any statute, rule, or common-law principle that would otherwise limit a release to claims known or suspected to exist at the time of execution.
§ 3. INCIDENT DETAILS.
3.1 The Release relates to the following incident (the “Incident”), the details of which are as follows:
________
3.2 The Incident is alleged to have occurred on or about the following date: ________, at the following location: ________.
§ 4. CONSIDERATION.
4.1 In consideration for the Release, the Releasee shall pay to the Releasor the total sum of $________ (________ Dollars) (the “Settlement Payment”).
4.2 The Settlement Payment shall be made on or before ________, by the following method: ________. The Parties acknowledge that the Settlement Payment constitutes good, valuable, and sufficient consideration for the Release.
§ 5. NO ADMISSION OF LIABILITY.
5.1 Neither the Release nor the existence of this Agreement shall be construed as an admission of wrongdoing, fault, liability, or responsibility by the Releasee or any Released Party with respect to the Releasor or any other person or entity. The Release does not indicate or imply that the Releasor possesses any actionable right against the Releasee, all such liability being expressly denied.
§ 6. FINAL SETTLEMENT AND COVENANT NOT TO SUE.
6.1 The Releasor acknowledges and agrees that the Release is intended to fully satisfy and discharge any and all obligations owed by the Releasee to the Releasor arising out of or relating to the Incident.
6.2 The Releasor covenants and agrees that the Releasor shall not commence, prosecute, maintain, or assist in any action, suit, claim, or proceeding of any kind against the Releasee or any Released Party arising out of or relating to the Incident or any matter released hereunder.
§ 7. MUTUAL UNDERSTANDING AND VOLUNTARY EXECUTION.
7.1 Each Party acknowledges and agrees that this Agreement constitutes a final and complete settlement of any and all Claims relating to the Incident, that each Party has had a full and fair opportunity to review the terms hereof and to consult with independent legal counsel of its own choosing, and that each Party enters into this Agreement knowingly, voluntarily, and without coercion or duress.
§ 8. CONFIDENTIALITY.
8.1 To the extent permitted by applicable law, the Parties agree to keep the terms and conditions of this Agreement confidential and not to disclose the same to any third party, except as may be required by law, by court order, or to the Parties’ respective attorneys, accountants, tax advisors, or insurers, in each case on a confidential basis.
§ 9. ENTIRE AGREEMENT; AMENDMENT; SEVERABILITY.
9.1 This Agreement contains the entire agreement and understanding between the Parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, negotiations, representations, and understandings, whether written or oral, relating thereto.
9.2 No modification, amendment, or waiver of any provision of this Agreement shall be effective unless made in writing and signed by both Parties. No waiver of any breach shall constitute a waiver of any other or subsequent breach.
9.3 If any provision of this Agreement is held to be invalid, illegal, or unenforceable, such provision shall be deemed modified to the minimum extent necessary to render it enforceable, or, if not possible, severed, and the remaining provisions shall continue in full force and effect.
§ 10. BINDING EFFECT; ASSIGNMENT.
10.1 This Agreement shall be binding upon and inure to the benefit of the Parties and their respective heirs, executors, administrators, successors, and permitted assigns. Neither Party may assign its rights or delegate its obligations under this Agreement without the prior written consent of the other Party.
§ 11. GOVERNING LAW AND VENUE.
11.1 This Agreement shall be governed by and construed in accordance with the laws of the State of ________, without regard to its conflict-of-laws principles, and any applicable federal law. The Parties consent to the exclusive jurisdiction and venue of the state and federal courts located in ________ County, State of ________, for the resolution of any dispute arising out of or relating to this Agreement.
§ 12. COUNTERPARTS.
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EXECUTION
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RELEASOR:
Name: ________
Signature: ____________________________
Date: ________
RELEASEE:
Name: ________
Signature: ____________________________
Date: ________
ACKNOWLEDGMENT
State of ________
County of ________
On this _____ day of ________________________, 20____, before me, the undersigned notary public, personally appeared ________, personally known to me or proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the foregoing instrument, and acknowledged that he/she executed the same as his/her free act and deed for the purposes therein contained.
__________________________________________________________________
Notary Signature, Printed Name, and Notary/Bar Roll Number
My Commission Expires: ________
State of ________
County of ________
On this _____ day of ________________________, 20____, before me, the undersigned notary public, personally appeared ________, personally known to me or proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the foregoing instrument, and acknowledged that he/she executed the same as his/her free act and deed for the purposes therein contained.
__________________________________________________________________
Notary Signature, Printed Name, and Notary/Bar Roll Number
My Commission Expires: ________