How To Use
Releases are smart to execute at the conclusion of any agreement or legal relationship.
It serves to “release” or “discharge” the parties from any liabilities in the present or past to each other. In a sense, it seals off the past from dispute. Get them whenever possible. I have sought to get them from authors, creditors, suppliers, lenders, and even my ex-wife when the payment part of my divorce agreement ended. To those who have been divorced, it should be no surprise that the only party not to give me a release was my ex-wife and that, if anything, should indicate why one will find these useful, to end things conclusively.
Some practical reasons for these agreements: estate planning purposes; sales or financing of companies; peace of mind in general.
- Make multiple copies. Give one to each signatory. Keep one with the transaction file.