Deed of Release (Guarantor)This Deed of Release is entered when the parties agree to put an end to a dispute between them.
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.