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The purpose of a settlement agreement is to “bury the hatchet” between the parties once and for all. The justice system encourages settlement as it avoids trials. However, it is essential for both parties to determine what “hatchet” to bury. In legal terms this process is called a “release”. The type of release to opt for when drafting a settlement agreement will depend on the specific situation at stake: if the releasor believes that the settled dispute deals with all possible wrongdoings on the part of the releasee, then a general release is appropriate. If, however, there may be possible wrongdoings by the releasee that are not accounted for in the settlement agreement, then it will be prudent for the releasor to opt for a limited release. The article provides more useful tips on how to carefully and cautiously draft releases.
Read the article here.Take away:
- Parties must select the appropriate form of release: a partial release or a full, general release.