Mutual Release: A Mutual Release relinquinshes all claims either party may have had against the other, in the event a portion of their contract was breached. Both parties must sign this release in front of a Notary Public. This form is available for download in both Word and Rich Text formats.
Mutual Release And Indemnity Clause
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Each party hereto shall and does hereby indemnify and save harmless the other, as well as the other's directors, officers, employees, servants, agents, contractors and shareholders, from and against any and all claims, demands, actions, suits, proceedings, liabilities, losses, damages, costs, expenses, fees, fines,
Mutual indemnification provisions are meant to provide both parties with a sense of security. In a mutual indemnification agreement, both parties agree to compensate the other party for damages arising from a breach of contract for which the indemnifying party was responsible.
A release extinguishes any actual or potential claims the releasor may have against the releasee without regard to third parties. In contrast, an agreement to indemnify does not apply to claims between the parties to the agreement.
Many clients insist on unilateral indemnification clauses, basically putting all potential liability solely on a contractor's shoulders. The latter should insist on a mutual indemnification clause, where both parties are responsible for liabilities that arise out of their own fault.
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(d) THIS SECTION 5 SETS FORTH THE ENTIRE LIABILITY AND OBLIGATION OF EACH. This form of a Release Agreement, Indemnity Agreement and Hold Harmless Agreement releases a party from certain specified liabilities.You've likely signed the professional services agreement without much scrutiny as to what your liabilities may be. A Mutual Release Agreement is a straightforward document that allows you to settle disputes quickly and professionally. Liability Release Form; General Release of Liability Form; Hold Harmless Agreement; Liability Waiver; Waiver of Liability.
