Quitclaim And Release Template for Malaysia

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Key Requirements PROMPT example:

Quitclaim And Release

"I need a Quitclaim and Release agreement for releasing all rights and interests in a commercial property located in Kuala Lumpur to ABC Properties Sdn Bhd, with the transfer to be completed by March 15, 2025, including provisions for a one-time settlement payment of RM 500,000."

Document background
The Quitclaim and Release agreement is a vital legal instrument in Malaysian business and personal transactions, commonly used to resolve disputes, transfer property rights, or settle claims. This document type is particularly relevant when parties seek to create a clear break in their legal relationship or when transferring rights without warranties. Under Malaysian law, these agreements must comply with the Contracts Act 1950 and may require proper stamping under the Stamp Act 1949 to be legally effective. The document typically includes specific details about the rights being released, consideration provided, and any conditions attached to the release, making it essential for various commercial and personal situations where legal certainty is required.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement, including the releasing party (releasor) and the party being released (releasee)

2. Background: Provides context for the agreement, including relevant history of the relationship between the parties and circumstances leading to the release

3. Definitions: Defines key terms used throughout the agreement for clarity and precision

4. Release and Discharge: Core section detailing the specific rights, claims, and interests being released or relinquished

5. Consideration: Specifies the payment or other consideration given in exchange for the release

6. No Admission of Liability: States that the agreement and consideration do not constitute an admission of liability by any party

7. Representations and Warranties: Basic warranties regarding capacity to enter agreement and ownership of rights being released

8. Governing Law: Specifies Malaysian law as governing law and jurisdiction

9. Execution: Formal requirements for signing, including witness requirements under Malaysian law

Optional Sections

1. Confidentiality: Include when parties wish to keep the terms of the release and underlying dispute confidential

2. Non-Disparagement: Include when parties agree not to make negative statements about each other

3. Return of Property: Include when physical items or documents need to be returned as part of the release

4. Future Cooperation: Include when parties need to cooperate on transitional matters or future actions

5. Tax Implications: Include when the release involves significant monetary consideration or tax-sensitive matters

6. Survival Clause: Include when certain provisions need to survive the execution of the release

7. Severability: Include when parties want to ensure partial invalidity doesn't void entire agreement

Suggested Schedules

1. Schedule A - Description of Released Claims: Detailed list of specific claims, rights, or causes of action being released

2. Schedule B - Property Description: Detailed description of any real property or assets involved in the release

3. Schedule C - Payment Schedule: If consideration is paid in installments, details the payment terms and dates

4. Appendix 1 - Related Documents: List of any related agreements or documents referenced in the release

5. Appendix 2 - Form of Notice: Standard form for any notices required under the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant Industries

Real Estate

Construction

Banking and Finance

Insurance

Manufacturing

Professional Services

Energy and Resources

Technology

Healthcare

Retail and Consumer

Relevant Teams

Legal

Compliance

Risk Management

Real Estate

Corporate Secretariat

Human Resources

Finance

Operations

Executive Management

Business Development

Relevant Roles

Legal Counsel

Corporate Secretary

Risk Manager

Compliance Officer

Property Manager

Contract Administrator

Chief Legal Officer

Settlement Officer

Claims Manager

Real Estate Manager

Business Development Manager

Chief Executive Officer

Chief Financial Officer

Human Resources Director

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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