The General Release of Claims is essential in Austrian business and legal practice for formally concluding disputes and preventing future litigation. It serves as a legally binding document used when parties wish to settle existing disputes or potential claims, typically in exchange for consideration. This document type is commonly used in employment separations, business transactions, personal injury settlements, or any situation where parties seek to achieve a final resolution of claims. Under Austrian law, special attention must be paid to specific requirements regarding the validity of waivers, particularly in employment contexts and consumer relationships. The document must comply with the Austrian Civil Code (ABGB) and related legislation, ensuring that all releases are valid, enforceable, and appropriately documented according to Austrian legal standards.
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Key Requirements PROMPT example:
General Release Of Claims
"I need a General Release of Claims under Austrian law for an amicable employment separation effective March 15, 2025, including provisions for confidentiality and the return of company property, with a settlement payment of €50,000."
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OR
1. Parties: Identification of the Releasing Party (Releasor) and Released Party (Releasee), including full legal names and addresses
2. Background: Context of the relationship between the parties and the circumstances leading to the release
3. Definitions: Definition of key terms used in the agreement, including 'Claims', 'Released Parties', and specific terms relevant to the underlying dispute
4. Consideration: Details of the consideration being provided in exchange for the release
5. Release: Comprehensive description of claims being released, including present and future claims
6. Representations and Warranties: Statements by the Releasor regarding their authority to grant the release and understanding of its implications
7. No Admission of Liability: Statement that the release does not constitute an admission of liability by any party
8. Governing Law and Jurisdiction: Specification of Austrian law as governing law and designation of competent courts
9. Entire Agreement: Integration clause stating that the release contains the entire agreement between the parties
10. Execution: Signature blocks and date of execution
1. Confidentiality: Provisions regarding confidentiality of the release terms and underlying dispute, used when parties wish to maintain privacy
2. Tax Implications: Provisions addressing tax consequences of any payments, particularly relevant for employment-related releases
3. Return of Property: Requirements for return of company property or confidential information, typically used in employment contexts
4. Non-Disparagement: Mutual or unilateral agreements not to make negative statements about the other party
5. Cooperation: Obligations to cooperate in related matters or proceedings, used when ongoing cooperation is needed
6. Severability: Provision for survival of remaining terms if any portion is found invalid, used in complex releases
7. Future Claims Carve-Out: Specific exclusion of certain future claims that cannot be waived under Austrian law
1. Schedule A - Released Claims: Detailed list of specific claims being released
2. Schedule B - Payment Terms: Details of any settlement payments, including amount, timing, and method
3. Schedule C - Excluded Claims: List of claims specifically excluded from the release
4. Appendix 1 - Related Entities: List of affiliated entities covered by the release
5. Appendix 2 - Acknowledgment Form: Form confirming receipt of consideration and understanding of release terms
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Relevant Industries
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Human Resources
Financial Services
Manufacturing
Technology
Healthcare
Construction
Professional Services
Retail
Real Estate
Insurance
Education
Telecommunications
Transportation
Energy
Relevant Teams
Legal
Human Resources
Compliance
Risk Management
Executive Leadership
Finance
Operations
Corporate Governance
Administration
Relevant Roles
Legal Counsel
HR Director
HR Manager
Risk Manager
Compliance Officer
Chief Legal Officer
Employment Lawyer
Settlement Administrator
Claims Manager
Human Resources Business Partner
Corporate Secretary
General Counsel
Chief Executive Officer
Chief Financial Officer
Operations Manager
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