GENERAL RELEASE AGREEMENT

This General Release Agreement (hereinafter referred to as the “Agreement”) is made on [INSERT DATE ON WHICH THE AGREEMENT COMES INTO FORCE] (hereinafter referred to as the “Effective Date”) between:

[INSERT NAME OF THE RELEASOR], having registered office at [INSERT ADDRESS OF THE RELEASOR] (hereinafter referred to as the “Releasor” which expression shall, unless repugnant to the context or meaning thereof, means and includes its legal representatives, executors, administrators and permitted assigns); and 

[INSERT NAME OF THE RELEASEE], having registered office at [INSERT ADDRESS OF THE RELEASEE] (hereinafter referred to as the “Releasee” which expression shall, unless repugnant to the context or meaning thereof, means and includes its legal representatives, executors, administrators and permitted assigns).

The “Releasor” and the “Releasee” together shall be referred to as “Parties” and individually as a “Party”.

WHEREAS

1. The Parties entered into a Contract (hereinafter referred to as “Contract”) dated [INSERT DATE ON WHICH THE PARTIES ENTERED THE CONTRACT].
2. The Releasor now wishes to release the releasee from all obligations, claims, and liabilities arising out of the above mentioned contract.
3. The parties are duly authorized and have the capacity to enter into this agreement.
4. Both the parties affirm to understand the provisions contained herein and in case either party requires clarification as to one or more provisions, either party has had the right to seek clarifications or sought legal guidance.

NOW, THEREFORE, in consideration of the mutual promises contained herein and intending to, be legally bound, the Parties have agreed as follows:

1. RELEASE
   1. The Releasor hereby fully and permanently releases the Releasee, as well as any subsidiaries, related and affiliated entities, predecessors, successors, assigns, current and former directors, insurers, officers, attorneys, agents, employees, members, managers, shareholders, and stockholders, from any and all claims of any kind, whether existing now or that could arise in the future or in any way related to the Contract. The Releasor acknowledges that the Releasee has fully satisfied all obligations under the contract and therefore, the contract is fully discharged, terminated, and released.
   2. The Parties explicitly acknowledge and agree that this Agreement, including the releases provided herein, is intended to be as comprehensive and all-encompassing as the law allows.
2. PAYMENT
   1. In consideration for the release of all claims, demands, and causes of action as set forth in this Agreement, the Releasee agrees to pay the Releasor the total sum of [INSERT AMOUNT]. The payments shall be made through [INSERT MODE OF PAYMENT].The Releasor shall provide necessary and accurate details to facilitate the process of Payment.
3. NO ADMISSION OF LIABILITY
   1. The Parties acknowledge that this Agreement is a compromise of claims and the payment of any consideration or the performance of any obligations by either party under this agreement shall not be construed as an admission of liability, fault, wrongdoing, or any violation of Law by either party. Each party expressly denies any such liability or wrongdoing.
4. TERMS AND CONDITIONS
   1. The language of all communications between the parties pursuant to this Agreement, including notices and reports, will be the [INSERT LANGUAGE OF ALL COMMUNICATION].
   2. This agreement constitutes the entire understanding and agreement of the parties with respect to its subject matter and supersedes all prior and contemporaneous agreements or understandings, inducements, or conditions, express or implied, written or oral, between the parties. This Agreement may be executed in identical duplicate counterparts, each of which shall be deemed an original, and both of which together shall constitute one and the same instrument. 
   3. The headings upon the various sections are solely for convenience and reference only and shall not affect the scope, meaning, intent or interpretation of the provisions of this Agreement, nor shall such headings otherwise be given any legal effect.
5. APPLICABLE LAW
   1. This Agreement shall be governed by and constructed in accordance with the Laws, rules, orders and regulations of [INSERT THE COUNTRY OF APPLICABLE LAWS].
   2. The Parties shall resolve all disputes in connection with the validity or interpretation of this Agreement, unless otherwise expressly stated in the Agreement, in the following manner: 
   3. By direct negotiations between the Lender and Borrower. 
   4. If negotiations between the parties are unsuccessful, the matter shall be referred to the competent court sitting at [INSERT THE COURT WHICH SHALL HAVE EXCLUSIVE JURISDICTION IN CASE OF DISPUTE BETWEEN THE PARTIES] which shall have exclusive jurisdiction in all matters arising there from unless otherwise agreed between the Parties in writing.
6. DECLARATION
   1. The parties hereby understand and expressly agree to the provisions laid down in the present agreement and in good faith, undertake that both parties shall follow the terms of this agreement in good conscience in order to secure better growth of both the Parties.

IN WITNESS WHEREOF, the parties, intending to be legally bound, have each executed this agreement as of the effective date.

Signed, sealed and delivered on behalf of Releasor

Name: [INSERT NAME OF THE RELEASOR]

Signature:

Date: [INSERT SIGNING DATE OF THE RELEASOR]

Signed, sealed and delivered on behalf of Releasee

Name: [INSERT NAME OF THE RELEASEE]

Signature: 

Date: [INSERT SIGNING DATE OF THE RELEASEE]