The release component of these deeds has the effect of preventing either party from pursuing the other party for any further claim which has been the subject of the dispute. A common use is where an employee is being paid a redundancy amount. In those circumstances, the employer and employee execute a deed of release and it is agreed that the payment of the redundancy amount will bar any further employment-related claims.
The deed of release for employment should always be set in writing and properly signed by both parties. A written record can help protect a business if any questions or legal issues arise regarding the dispute settlement.
Use this Deed of Release if:
- You would like to bring a dispute between you and another party to an end;
- You would like to prevent either party from pursing the other party for further claims;
- You want to follow all the proper processes in settling a dispute; and
- You would like to have a record of the settlement of a dispute in the event of any legal action.
What does the Deed of Release cover?
- Evidences the settlement deal between the parties;
- Informs the recipient that no further claims in relation to the dispute can be brought in the future; and
- Sets out the relevant settlement payments.
Other names for Deed of Release include:
- Deed of Settlement and Release;
- Waiver Deed;
- Waiver Release Deed; and
- Deed of Wavier and Release.
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