This Agreement (“Agreement”) is made and effective this _ (Date), by and
between (“Second Party”) ________________________ (name & address)
and (“First Party”), and ______________________ (name & address). First Party and Second Party are parties to an earlier Agreement dated _, The First Party has alleged that the Second Party is in default of its obligations under the Disputed Agreement (the “First Party’s Claims”); The Second Party has alleged that the First Party is in default of its obligations in the Disputed Agreement (the “Second Party’s Claims”); and The First Party and the Second Party wish to resolve their differences and responsibilities pursuant to the Disputed Agreement, the First Party’s Claims and the Second Party’s Claims. Therefore,in consideration of the foregoing and the covenants, releases, and agreements set forth herein and for other good and valuable consideration, First Party and Second Party agree as follows:
- General Release.
A. For valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and with the intent to be legally bound hereby, First Party does hereby release, acquit, and forever discharge Second Party and does hereby covenant and agree never to institute or cause to be instituted any suit or other form of action or proceeding of any kind or nature whatsoever against Second Party based upon the First Party’s Claims and any and all other claims, demands, indebtedness, agreements, promises, causes of action, obligations, damages, or liabilities of any nature whatsoever, in law or in equity, whether known or unknown, suspected, or claimed, that First Party ever had, has claimed to Have, now has, or may hereafter have or claim to have against Second Party related in any way to or arising out of or by reason of any matter, cause, thing, or act of Second Party, or any of Second Party’s employees, or any omission of Second Party, or any of Second Party’s employees related in any way to or arising out of any claims asserted or that could have been asserted, or related in any way to or arising out of the Disputed Agreement. B. For valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and with the intent to be legally bound hereby, Second Party does hereby release, acquit, and forever discharge First Party from; and does hereby covenant and agree never to institute or cause to be instituted any suit or other form of action or proceeding of any kind or nature whatsoever against First Party based upon the Second Party’s Claims and any and all other claims, demands, indebtedness, agreements, promises, causes of action, obligations, damages, or liabilities of any kind whatsoever, in law or in equity, whether known or unknown, suspected, or claimed that Second Party ever had, has claimed to have, now has, or may hereafter have or claim to have against First Party related in any way to or arising out of or by reason of any matter, cause, thing, or act of First Party, or any of First Party’s employees, or any omission of First Party, or any of First Party’s employees related in any way to or arising out of any claims asserted or that could have been asserted, or related in any way to or arising out of the Disputed Agreement….
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