If you wish to be released from performing all or certain obligations under a contract, then this is the document for you.
Sample
"## commenced the claim against ## in proceeding number ## in the
A. ## denied the allegations and claims made by ## and issued a Defence and Counterclaim. On ##- ## filed and served its Amended Defence and abandoned its Counterclaim. ## have denied all allegations and claims made by ## .
B. ## and ## have agreed to settle their differences on the terms set out in this Deed.
1.Settlement
2.1 In full and final settlement of the Proceeding, ## has agreed to pay to ## and ## has agreed to accept from ## the Settlement Sum to be paid as follows:
2.1.1 ## pays ## the sum of $ ## within 14 days of the execution of this Deed;
Thereafter ## pays ## the remainder of the Settlement Sum in instalments..........
2.1 Payments must be made as follows:
2.1.1 the sum of $ ## , pursuant to 2.1.1 to be paid by way of cheque made payable to ## ;
2.1.2 the remainder of the instalments that comprise the Settlement Sum, pursuant to 2.1.2 to be paid by way of electronic transfer to ##.
5 Release
5.1 Subject to this Deed and the Settlement Sum being paid by ## , ## releases ## in respect of all existing and future actions, causes of action, potential causes of action, suits, rights, claims, expenses, losses, proceedings and demands of whatsoever nature (including, without limitation, any claim for costs, interest or indemnity), wherever and howsoever arising, known or unknown, relating to or arising out of the Claim or the Proceedings.
5.2 Subject to this Deed and the Settlement Sum being paid by ## , ## releases ## in respect of all existing and future actions, causes of action, potential causes of action, suits, rights, claims, expenses, losses, proceedings and demands of whatsoever nature (including, without limitation, any claim for costs, interest or indemnity), wherever and howsoever arising, known or unknown, relating to or arising out of the Claim or the Proceedings. "
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Settlement and release - deed - COMM 61
