Discharge and Release A Discharge and Release Agreement is used to settle a legal claim or dispute, releasing one party from liability in exchange for payment or other consideration.
1.1. Background of Dispute
WHEREAS, a dispute (the "Dispute") arose between the Parties concerning various matters and issues; and
1.2. Desire to Settle
WHEREAS, the Parties have determined that it is in their mutual best interest to settle and resolve the Dispute on the terms and conditions set forth in this Agreement and to provide for the mutual exchange of discharges and releases as herein provided; and
NOW, THEREFORE, in consideration of the mutual promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
2.1. Payment Amount
Turner shall pay to Reynolds the sum of $_______ (the "Settlement Amount") in full and final satisfaction of any and all claims, demands, causes of action, and liabilities of any kind or nature whatsoever, whether known or unknown, that Reynolds now has or claims to have, or in the future may have or claim, against Turner arising from or in connection with the Dispute. The Settlement Amount shall be paid by certified check, bank draft, or wire transfer, at Reynolds' election.
2.2. Payment Deadline
Turner shall make the payment of the Settlement Amount to Reynolds within _____ (___) business days of the Effective Date of this Agreement.
3.1. Release by Reynolds
Upon receipt of the Settlement Amount, Reynolds, for herself and her successors, assigns, and representatives, hereby fully, finally, and forever releases, discharges, and acquits Turner, together with Turner's respective heirs, executors, administrators, agents, representatives, successors, and assigns, from any and all claims, liabilities, demands, rights, and causes of action, of any kind or nature whatsoever, whether known or unknown, that Reynolds may have or claim to have against Turner, whether based in contract, tort, statute, or otherwise, arising from or in connection with the Dispute.
3.2. Release by Turner
Upon Turner's receipt of confirmation that the Settlement Amount has been paid, Turner, for himself and his successors, assigns, and representatives, hereby fully, finally, and forever releases, discharges, and acquits Reynolds, together with Reynolds' respective heirs, executors, administrators, agents, representatives, successors, and assigns, from any and all claims, liabilities, demands, rights, and causes of action, of any kind or nature whatsoever, whether known or unknown, that Turner may have or claim to have against Reynolds, whether based on contract, tort, statute, or otherwise, arising from or in connection with the Dispute.
Both Parties agree that the terms of this Agreement, as well as any discussions, communications, or negotiations leading up to the execution of this Agreement, shall be treated as strictly confidential. Each Party agrees not to disclose, directly or indirectly, any information pertaining to the Agreement or any related discussions, communications, or negotiations, to any third party without the prior written consent of the other Party, except as required by law.
This Agreement shall be governed by and construed in accordance with the laws of the United States of America.
This Agreement constitutes the entire agreement and understanding between the Parties and supersedes any and all prior negotiations, discussions, correspondence, agreements, understandings, and representations, whether written or oral, relating to the subject matter hereof. No modification, amendment, or waiver of the provisions of this Agreement shall be effective or binding unless made in writing and signed by both Parties.
This Agreement may be executed in counterparts, each of which, when so executed, shall be deemed an original, and both of which together shall constitute one and the same instrument. Facsimile and electronic (PDF) signatures shall be considered as valid and binding as original signatures.
In this Discharge and Release, you will see the following sections:
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