Learn the Ins and Outs of a Release Agreement
We are here to explain what a release agreement is and how it works. Putting your signature on a legal document makes it legally binding, so you should know precisely what you’re agreeing to before signing it. Don’t get confused—get informed!
A release agreement—also known as a release form or waiver—is a contract signed between two parties to release one of the signers from liability. The parties usually sign the document after a specific damaging incident (financial, physical, or other).
One party releases the other from liability caused by the incident in exchange for something of value (most often money).
The parties involved are known as a:
- Releasor—the party receiving the payment and releasing the other party
- Releasee—the party at fault, being released from liability
Both the releasor and the releasee can propose a release agreement. The contract is primarily used:
- To settle a debt
- In cases of property damage or personal injury
- For the general release of claims
- After motor vehicle accidents
Release agreements are beneficial to both parties because they help fix the issue efficiently. When it comes to the financial aspect, they are usually a better solution than the long and super expensive court procedures.
Before signing the release agreement, make sure to read it carefully and check whether the following sections are covered:
|Section||What It Should Include|
|Names and addresses||The full names of both the releasor and the releasee with their principal addresses|
|Release||A clear statement that one party is releasing the other party from all claims, actions, disputes, debts, and liabilities related to the incident|
|Incident details||A detailed description of the incident, such as the:
|Consideration||The exact amount that the releasee will pay to the releasor in consideration for release|
|No admission||The explanation that the agreement will not be construed as an admission of responsibility nor indicate that the releasor has any rights to legal action against the releasee|
|Final settlement||The thoroughly explained terms that both parties agree upon|
|Mutual understanding||The confirmation that both parties are entering the agreement voluntarily after carefully reading and reviewing the terms|
|Entire agreement||An understanding that this contract will supersede any other agreement, both written and verbal|
|Governing law||The law that the agreement abides by|
|Date and signatures||The signatures of both parties and the effective date of the agreement|
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Check out the list of documents DoNotPay draws up in your stead:
|Business Documents||Other Documents|
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Not every agreement needs to get notarized to be enforceable. A release agreement, however, should be notarized by a notary public.
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This is how to initiate the procedure:
- Sign up for DoNotPay
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- Attach the documents and type in your email address
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