Model Format of Release by Creditor

Model Format of Release by Creditor

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Model Format of Release by Creditor
Model Format of Release by Creditor

To:  _______________, Being Released from Obligation (the “Releasee”)

Settlement Amount  Rs.______________ Amount of Payment to Creditor (“Settlement Amount”)

From:  _______________ (“Releasor”)

In consideration of the payment of the above Settlement Amount by Releasee to Releasor and for other good and valuable consideration, the receipt and sufficiency of which is acknowledged, the Releasor hereby agrees as follows:

1.      That the Settlement Amount represents payment in full satisfaction of all indebtedness, liabilities and obligations of the Releasee to the Releasor; and

2.    That the Releasor hereby releases and forever discharges the Releasee and its, employees, officers, directors, successors and assigns of and from all actions, causes of action, damages, claims and demands whatsoever, which the Releasor had, now has or which the Releasor hereafter can, shall or may have for any reason whatsoever, including but not limited to all actions, causes of action, damages, claims and demands arising out of any indebtedness, liabilities or obligations owing by the Releasee to the Releasor….

Note: This is just the part of the agreement. To get it drafted completely by legal experts, kindly contact the expert team of Aapka Consultant by clicking here

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