Mutual Releases are used when parties agree to release one another from any claims resulting from a specific circumstance. These type of releases can relate to a contract or agreement, as well as accidents.
_________________________________, herein referred to as (“Party 1”), located at: ______________________________ and ____________________, herein referred to as (“Party 2”), located at: ______________________________________________ hereby execute this Mutual Release.
WHEREAS, certain disputes and financial transactions have occurred between the parties hereto.
WHEREAS, they have amicably resolved their disputes and acknowledge the extinguishment of each party’s respective the debts, obligations, and liabilities between one another.
IN CONSIDERATION THEREOF, the parties herein hereby duly execute this Mutual Release and comply with the terms and conditions set forth below.
IT IS AGREED:
Both parties hereby acknowledges the other party’s performances and due diligence in having resolved the dispute.
2. Both parties hereby acknowledge and agree that the other party’s performance and due diligence is satisfactory and there are no other remaining obligations and/or liability owed to any party by the other party regarding their dispute.
3. Both parties hereby releases and discharges the other party from any liability, claims, demands, damages, costs, expenses, actions and causes of action (collectively the "Claims") in respect to the parties dispute.
The parties herein hereby acknowledge, understanding and agree to the foregoing terms and conditions and executed this Mutual Release.
Party 1 Date
Party 2 Date