A Release Agreement, also sometimes called a Release Form or a Waiver, is a document that is used when one party needs to release the other from liability - in other words, Release Agreements are normally signed after there has been some sort of incident that damages one party (the damage can be physical or financial or other damage) and the party would like to "release" the other party from liability in exchange for something, usually money. The exchange does not have to be for money, however, it can be for anything of value that the other party will accept.
In a Release Agreement, one party is known as the "Releasor" - this is the party who receives the monetary payment or other consideration - and the "Releasee" - this is usually, though not always, the party that is at fault that needs to be released from liability.
A Release Agreement normally releases the Releasee from all legal liability for any claims relating to the incident.
Release Agreements can also be signed to settle debts or prior to someone taking place in a dangerous activity.
Often, these types of agreements are very helpful to avoid litigation if the parties are able to agree on the terms.
How to use this document
This document can be for either the party that is looking to be released, the Releasee, or the party that is agreeing to sign this document, the Releasor. This document, specifically, can be used in the following situations:
- For a general release of all claims
- For a motor vehicle accident
- In case of property damage
- In case of personal injury
- For a special, dangerous activity
- To settle a debt
- For a mutual release between two parties
Details about the incident or activity or debt which led to the release will be entered in this document, along with the parties' identities and basic information.
After this document is filled out, it should be printed and then signed before a notary.
Then, each party should retain a copy.
Release agreements in the United States are generally subject to specific state laws, but the general form of a release is often similar across states.
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