North Carolina Sample Letter for Mutual Releases
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How to fill out Sample Letter For Mutual Releases?
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FAQ
This is a generic form of termination agreement for use when parties to a commercial contract have mutually agreed to terminate the agreement. It includes an optional mutual release of claims.
A Mutual Release Agreement is a straightforward document that allows you to settle disputes quickly and professionally. No matter what your dispute, a Mutual Release Agreement allows both parties to agree to drop all claims and get out of the contract.
The Parties hereby release each other from all actions, causes of action, liabilities, or claims. The parties hereby agree not to sue each other for any matter related to any matter that arose prior to the date this agreement is signed and agree not to seek damages from each other.
Each of the parties to this Agreement releases the other party from any and all claims, or causes of the other arising from any event or transaction occurring prior to the execution of this Agreement.
When you accept a settlement offer, you must sign a release before receiving the agreed-upon funds. The release, which is legally binding, contains the terms to which you must adhere before getting your compensation and means the claim is closed and you cannot pursue it further.
The preamble of a mutual release typically gives a brief summary of the subject claim or controversy. The operative clauses then go on to specify that the parties mutually "release" each other from any and all claims, counterclaims, cross-claims, third-party claims, and/or causes of action.
Consideration is a necessary element for a release to be valid. A release is made for valuable consideration. The consideration should be a thing of value. There will be a presumption as to the existence of consideration when the release is made in a sealed document.
A Mutual Release form is used when both parties give up all past and future claims against one another. In most cases the dispute is over a broken contract in which the two parties believe the other is at fault.
