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Briefly describe what this agreement is about, including the dispute, issue, or situation it relates to (e.g., type of dispute, transaction, or event the parties are settling)
MUTUAL RELEASE AGREEMENT
This Mutual Release (the “Release”) is entered into and takes effect on ______,
BETWEEN: ______ (the "First Party"), a corporation incorporated and operating under the laws of the Province/State of ______, with its principal office at:
______
AND: ______ (the "Second Party"), a corporation incorporated and operating under the laws of the Province/State of ______, with its principal office at:
______
RECITALS
NOW THEREFORE, for good and valuable consideration and the mutual promises contained herein, the parties agree as follows.
TERMS
The undersigned hereby finally and irrevocably mutually release each other from all liability to each other, and settle all actions and causes of action against each other, for damages, loss or injury sustained by either of them, however arising, present and future, known and unknown at this time, relating to ______.
If either party has instituted any legal proceedings against the other settled by this release, that party covenants to have them dismissed at that party's cost with express prejudice to bringing further proceedings against the other arising out of the same matter.
It is agreed that neither party to this mutual release will make any claim or take any proceedings against any person who might claim over against or claim contribution or indemnity from the other party in connection with any matter for which this mutual release is given.
It is understood and agreed that nothing in this mutual release is to be construed as an admission of liability in connection with any matter for which this mutual release is given.
The provisions of this Agreement must be read as a whole and are not severable and/or separately enforceable by either party hereto.
I understand that though it is not required, it is recommended that I obtain Independent Legal Advice before signing this acknowledgement.
This Agreement and its provisions shall be governed by the laws of the Province of Ontario.
IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date first written above.