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Mutual Release Agreement template
Mutual Release Agreement sample


What is Mutual Release Agreement?

Mutual Release Agreement A Mutual Release Agreement formalizes the mutual release of claims between parties, specifying release terms, obligations, and the scope of claims being released.



Sample template:



Mutual Release Agreement


This Mutual Release Agreement (the "Agreement") is entered into as of the ___ day of ____________, 20__, by and between Harmony Solutions Inc., a corporation incorporated under the laws of the United States with its principal place of business at ______________________ ("Party A"), and PrecisionTech Enterprises LLC, a limited liability company organized under the laws of the United States with its principal place of business at ______________________ ("Party B") (each a "Party" and collectively the "Parties").

1. Purpose

WHEREAS, the Parties acknowledge that they may have existing or potential disputes, claims, or liabilities arising out of or in any way connected with their business relationship or any previous agreements or transactions between them (the "Disputes");



WHEREAS, the Parties desire to enter into this Agreement to release and discharge each other from any and all such Disputes and the related claims and liabilities and to prevent the initiation or continuation of any proceedings or actions in respect thereof;



NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:



2. Release and Discharge

2.1. Mutual Releases


Each Party, on behalf of itself and its respective current and former affiliates, officers, directors, shareholders, members, employees, attorneys, agents, heirs, successors, and assigns (collectively, the "Releasing Parties"), does hereby fully, finally, and forever release, waive, and discharge the other Party, and its respective current and former affiliates, officers, directors, shareholders, members, employees, attorneys, agents, heirs, successors, and assigns (the "Released Parties"), from any and all manner of actions, causes of action, claims, demands, damages, debts, liabilities, costs, expenses (including attorneys' fees and costs), or losses of any kind or nature whatsoever (collectively, the "Claims"), whether known or unknown, suspected or unsuspected, that the Releasing Parties may now have or hereafter could have had against the Released Parties arising out of, pursuant to, or in connection with any of the Disputes to the extent permitted by applicable law.



2.2. No Admission of Liability


The execution of this Agreement and the acceptance of its terms by the Parties shall not be construed as or deemed to be evidence of or an admission of any liability or the validity of any claim or defense by any Party, all such liability and validity being expressly denied by each Party.



3. Covenants

3.1. No Further Claims


Each Party hereby covenants and agrees that, following the execution of this Agreement, it shall make no further demands upon or assert any further Claims against the other Party or any of the other Released Parties with respect to any of the Disputes or matters covered by this Agreement, and shall not commence, continue, or participate in any actions or proceedings relating to such Claims.



3.2. Indemnification


Each Party shall indemnify, defend, and hold harmless the other Party and its respective Released Parties from and against any and all Claims, liabilities, losses, damages, or expenses (including reasonable attorneys' fees and costs) arising from or in connection with any demands, claims, or actions brought or initiated in contravention of this Agreement.



4. Entire Agreement

This Agreement constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein and supersedes all prior and contemporaneous understandings, agreements, and representations, both oral and written, with respect to such subject matter.



5. Governing Law

This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the United States, without regard to its conflict of laws principles.



6. Amendment

This Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each Party hereto.



7. Counterparts

This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement.



8. Binding Effect

This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and assigns permitted hereunder.



IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed by its duly authorized representative as of the date first above written.

__________________________________
[Authorized Signatory of Party A]
[Printed Name and Title]

__________________________________
[Authorized Signatory of Party B]
[Printed Name and Title]

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Main Sections of a Mutual Release Agreement


In this Mutual Release Agreement, you will see the following sections:

  1. Purpose
  2. Release and Discharge
  3. Covenants
  4. Entire Agreement
  5. Governing Law
  6. Amendment
  7. Counterparts
  8. Binding Effect


About each Section - Analysis and Summary:

  1. Purpose : This section explains the reason for the agreement. Both parties have disputes or potential disputes related to their business relationship, and they want to release each other from these disputes and prevent any legal actions related to them.

  2. Release and Discharge : This section states that both parties release each other from any claims, demands, or liabilities related to the disputes. It also clarifies that signing this agreement does not mean any party admits liability or wrongdoing.

  3. Covenants : This section contains promises made by both parties. They agree not to make any further claims or take legal action against each other related to the disputes. They also agree to indemnify (protect) each other from any claims or actions that go against this agreement.

  4. Entire Agreement : This section states that this agreement is the complete and final agreement between the parties regarding the subject matter and replaces any previous agreements or understandings, whether written or oral.

  5. Governing Law : This section specifies that the agreement will be governed by the laws of the United States, without considering any conflicts of law principles.

  6. Amendment : This section states that any changes to the agreement must be in writing and signed by both parties.

  7. Counterparts : This section allows the agreement to be signed in multiple copies, each considered an original, but all together forming one agreement.

  8. Binding Effect : This section states that the agreement is binding on both parties and their successors and assigns, meaning it will still apply if the parties' businesses are sold or transferred to someone else.

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