Release Of Claims Agreement Template for Malaysia

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Key Requirements PROMPT example:

Release Of Claims Agreement

"I need a Release of Claims Agreement between ABC Manufacturing Sdn Bhd and a former employee regarding workplace injury claims, with a settlement payment of RM50,000 to be paid by March 15, 2025, including confidentiality and non-disparagement provisions."

Document background

A Release of Claims Agreement is a crucial legal document used in Malaysia when parties wish to resolve disputes or potential disputes by having one party surrender their right to pursue legal claims against another. This type of agreement is commonly used in various scenarios including employment terminations, accident settlements, commercial dispute resolutions, and insurance claim settlements. The document must comply with Malaysian law, particularly the Contracts Act 1950 and related legislation. It typically includes detailed provisions about the claims being released, consideration being provided, and various legal protections for both parties. Such agreements are particularly important in risk management and dispute resolution, as they provide a clear legal framework for finalizing settlements and preventing future litigation. The document must be carefully drafted to ensure it is comprehensive, clear, and enforceable under Malaysian law.

Suggested Sections

1. Parties: Identifies and defines the parties to the agreement, including the releasing party and the released party

2. Background: Provides context for the agreement, including relevant history of the relationship and disputes

3. Definitions: Defines key terms used throughout the agreement

4. Release: Core section detailing the claims being released and the scope of the release

5. Consideration: States the consideration being provided in exchange for the release

6. Representations and Warranties: Statements by the releasing party about their authority to release claims and understanding of the agreement

7. No Admission of Liability: Statement that the agreement does not constitute an admission of liability by any party

8. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and establishes jurisdiction for disputes

9. Entire Agreement: Confirms this document represents the complete agreement between parties

10. Execution: Signature blocks and execution requirements

Optional Sections

1. Confidentiality: Required when parties wish to keep the existence or terms of the settlement confidential

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

3. Future Cooperation: Used when ongoing cooperation between parties is required for certain matters

4. Return of Property: Include when there is property or documents that need to be returned

5. Tax Implications: Required when there are significant tax considerations in the settlement

6. Surviving Claims: Include when certain claims are specifically excluded from the release

7. Revocation Period: Required in certain types of releases, particularly employment-related releases

8. Additional Releasing Parties: Include when family members or related entities are also providing releases

Suggested Schedules

1. Schedule of Released Claims: Detailed list of specific claims being released

2. Payment Schedule: If applicable, details of any settlement payments including amounts and timing

3. Related Agreements: List of any other agreements that are referenced or affected by this release

4. Excluded Claims: Specific listing of any claims explicitly excluded from the release

5. Party Details: Detailed information about the parties including addresses and registration numbers

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

alex.den.21@genieai.co

Relevant legal definitions

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Manufacturing

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Healthcare

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Retail

Real Estate

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Insurance

Education

Transportation

Energy

Telecommunications

Mining

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Relevant Teams

Legal

Human Resources

Risk Management

Compliance

Corporate Secretariat

Insurance

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Executive Leadership

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Legal Counsel

HR Director

Risk Manager

Compliance Officer

Chief Legal Officer

Settlement Officer

Claims Manager

Corporate Secretary

HR Manager

Insurance Manager

Contract Administrator

Chief Executive Officer

Chief Financial Officer

Operations Manager

Business Development Manager

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Authors

Alex Denne

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