Release Letter Agreement
This Letter Agreement is for the purpose of releasing both parties from obligations and liabilities under an agreement, once the main obligations of the agreement have been met. It is not intended to apply in any employment context.
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Under 10 minutes
Suitable for Australia
Document Overview
This Letter Agreement assumes there is an existing agreement between two parties and both wish to release each other from their liabilities and obligations under that agreement. For a one-way release, see the Deed of Release and Waiver.
What's the difference between a release and a waiver?
“Release” and “waiver” can have different meanings. In this precedent, a “release” relieves one party of its obligations and liabilities and a “waiver” occurs when one party gives up its rights to take action or enforce its rights under a contract against the other party. The distinction between a release and a waiver is that the latter is more usually confined to situations where one party is in breach of an obligation. This release should not be confused with a waiver clause, the aim of which is that, if a party fails to take action in respect of a breach, it does not lose its rights to take action in respect of the instant breach or any subsequent breaches. A waiver clause will typically make it clear that any failure or delay in exercising a right under the agreement will not constitute a waiver of that right.
This Deed is not intended to apply in any employment context. For a deed of release applicable to the termination of an employment relationship, see:
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