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Agreement Property Damage Release Form
"I need an Agreement Property Damage Release Form for settlement between Lagos Properties Ltd and ABC Insurance Company regarding water damage to commercial premises at 123 Marina Street, occurring on January 15, 2025, with a settlement value of ���5,000,000 and requiring confidentiality provisions."
1. Parties: Identifies and defines all parties to the agreement, including the releasor (person/entity making the claim) and releasee (person/entity being released)
2. Background: Provides context about the property damage incident, including date, location, and nature of damage
3. Definitions: Defines key terms used throughout the agreement
4. Description of Property Damage: Detailed description of the property damage, including location, extent, and nature of damage
5. Settlement Amount: Specifies the agreed compensation amount and payment terms
6. Release: Core release language releasing the releasee from all claims related to the incident
7. Acknowledgment: Confirmation that the releasor understands the agreement's terms and implications
8. No Admission of Liability: Statement that the settlement payment is not an admission of fault or liability
9. Governing Law: Specifies that Nigerian law governs the agreement
10. Execution: Signature blocks and execution requirements
1. Confidentiality: Required when parties wish to keep the settlement terms private
2. Insurance Claims: Include when insurance companies are involved in the settlement
3. Future Damages: Include when there's potential for future or ongoing damage to be discovered
4. Third Party Rights: Include when other parties might have related claims
5. Indemnification: Include when one party needs to protect against third-party claims
6. Severability: Include when parties want to ensure remaining provisions survive if some are invalidated
7. Witness Statement: Include when witnesses to the damage incident need to be documented
1. Schedule A - Property Description: Detailed description of the damaged property, including photographs and documentation of ownership
2. Schedule B - Damage Documentation: Photographs, repair estimates, and other evidence of damage
3. Schedule C - Payment Details: Payment schedule and method of payment if not a lump sum
4. Appendix 1 - Incident Report: Official incident reports or police reports if applicable
5. Appendix 2 - Expert Assessment: Professional assessment of damage and repair requirements if obtained
Authors
Property
Damage
Incident
Claim
Release
Settlement Amount
Effective Date
Releasor
Releasee
Parties
Settlement Payment
Released Claims
Documentation
Incident Date
Property Description
Repair Costs
Insurance Coverage
Liability
Governing Law
Consideration
Representatives
Confidential Information
Force Majeure
Business Day
Notice
Material Adverse Effect
Related Parties
Dispute
Jurisdiction
Recitals
Definitions
Release
Settlement Payment
Liability
Indemnification
Property Description
Damage Description
Payment Terms
Confidentiality
Representations and Warranties
No Admission of Fault
Further Assurance
Governing Law
Jurisdiction
Entire Agreement
Severability
Assignment
Waiver
Force Majeure
Notices
Amendment
Costs
Counterparts
Third Party Rights
Time of Essence
Insurance
Dispute Resolution
Acknowledgment
Real Estate
Construction
Insurance
Property Management
Manufacturing
Retail
Hospitality
Transportation
Logistics
Commercial Services
Residential Services
Public Sector
Industrial
Agricultural
Legal
Risk Management
Facilities Management
Operations
Property Management
Claims Processing
Compliance
Asset Management
Insurance
Real Estate
Maintenance
Risk Manager
Property Manager
Facility Manager
Legal Counsel
Claims Adjuster
Insurance Agent
Real Estate Manager
Operations Manager
Compliance Officer
Safety Officer
Building Manager
Maintenance Supervisor
Corporate Counsel
Property Administrator
Asset Manager
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