General Release And Settlement Agreement
Introduction
This General Release and Settlement Agreement (the "Agreement") is entered into as of [DATE], by and between [RELEASOR NAME] (the "Releasor"), residing at [ADDRESS], and [RELEASEE NAME] (the "Releasee"), with a principal place of business at [ADDRESS].
Recitals
WHEREAS, a dispute has arisen between Releasor and Releasee regarding [BRIEF DESCRIPTION OF DISPUTE]; and
WHEREAS, the parties desire to settle this dispute without further litigation;
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
Agreement Terms
1. Settlement Amount
The Releasee shall pay the sum of [SETTLEMENT AMOUNT] Dollars ($[AMOUNT]) to the Releasor as full and final settlement of all claims arising out of the above-mentioned dispute.
2. Payment Terms
The settlement amount shall be paid in full within [NUMBER OF DAYS] days of the execution of this Agreement by direct bank transfer to the account specified by the Releasor.
3. Release of Claims
The Releasor hereby releases and forever discharges the Releasee, its agents, employees, successors, and assigns, from all actions, claims, demands, damages, obligations, losses, settlements, judgments, liabilities, proceedings, and expenses, whether known or unknown, which arise from any act, fact, matter, occurrence, or omission on or before the date of this Agreement relating to the dispute.
4. Confidentiality
Both parties agree to keep the terms and existence of this Agreement completely confidential and agree not to disclose any information regarding the terms of this Agreement to any person or entity without prior written consent from the other party, except as required by law.
5. Non-Admission of Liability
This Agreement is made by both parties to avoid litigation and, as such, is not to be construed as an admission of liability on the part of any party.
6. Miscellaneous
Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of [STATE].
Entire Agreement: This document constitutes the entire agreement between the parties and supersedes any prior understanding or representation of any kind preceding the date of this Agreement.
Amendments: Any amendments to this Agreement must be in writing and signed by both parties.
Severability: If any provision of this Agreement is held to be illegal, invalid, or unenforceable, the remaining provisions shall continue in full force and effect.
Signatures
[Releasor's Name]
Date: [DATE]
[Releasee's Representative Name]
Date: [DATE]
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