RELEASE AGREEMENT

by | Feb 11, 2022 | Samples legal papers

RELEASE AGREEMENT

This RELEASE AGREEMENT ((hereinafter, “this Agreement”), effective as of [DATE], is made and entered into by and between:

NIPPY LLC of [ADDRESS] (hereinafter “Releasor”),

And

DEV 505 of [ADDRESS] (hereinafter, “Releasee”)

Jointly referred to as (‘parties/ parties to this agreement’)

In consideration of the covenants and agreements contained in this agreement and other valuable consideration, the receipt of which is hereby acknowledged, the parties to this agreement agrees as follows:

  • Consideration
  • The Releasor (Nippy LLC) agrees not to pursue any legal action against the Releasee (Dev505 LLC) and any of its affiliates in consideration of the following:
  1. Dev505 LLC and its affiliates release all up to date codes related to Nippy LLC to the appropriate destination chosen by Nippy LLC. The codes should contain no errors or alterations of any kind.
  2. A refund of $ 5000 to be sent via wire transfer.
  1. After the codes have been sent and are esteemed satisfactory by Nippy LLC, the relationship between Nippy LLC and Dev505 will be terminated immediately pursuant to section 9(a) of the Non- Disclosure Agreement signed by both parties on 25th February 2019.
  2. Upon the adherence of the conditions in sections 1.1(i), 1.1(ii) and 1.2, Nippy LLC releases and forever discharges Dev505 LLC from all manner of actions, cases of actions, causes of actions, debts, accounts, claims and demands for or by any reason of any damage which has been or may be sustained as a consequence of the prior transaction between the parties to this agreement.
  • Concurrent release

The parties to this agreement acknowledge that this agreement is given with the express intention of effecting the extinguishment of certain obligations owed and with the intention of binding both parties and any of their representatives thereof. 

  • Full and Final Statement
      1. Both parties agree that the consideration mentioned above at section 1 was determined taking into account the events that transpired during the prior transaction between the parties. 
      2. The parties to this Agreement agree not to make claim or take proceedings against any other person or corporation which might claim contribution or indemnity under the provisions of any statute or otherwise.
      3. It is declared that the terms of this settlement are fully understood; that the type of consideration stated is the sole consideration for this agreement and that the settlement is accepted voluntarily for the purpose of making a full and final compromise, adjustment and settlement of all claims for injuries, losses and damages resulting or which might result from the prior relationship between the parties to this agreement.
      4. This Agreement contains the entire agreement between the parties to this settlement and the terms of this agreement are contractual and legally binding. 
  • Governing Law
  1. This Agreement will be governed by and has been construed in accordance with the laws of Los Angeles and in accordance with section 11 of the Non- Disclosure Agreement signed by both parties on 25th February 2019.

 

The Releasor and Releasee have duly affixed their signatures under hand and seal on this [DATE] day of [month], [year]

____________________________                            ____________________________

Name of Releasor                                                                          Signature

 

____________________________                            ____________________________

Name of Releasee                                                                        Signature

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