Mutual Release Form

Mutual Release Form Template for Malaysia

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Key Requirements PROMPT example:

"I need a Mutual Release Form to formalize the dissolution of a tech startup partnership between three co-founders, releasing all parties from future claims related to intellectual property and company assets, with the agreement to be effective from March 1, 2025."

Document background

The Mutual Release Form serves as a critical legal instrument in Malaysian business and civil matters, designed to formally document the settlement of disputes and mutual discharge of claims between parties. This document is typically used when parties wish to resolve existing disputes, conclude business relationships, or prevent future claims relating to specific matters. Under Malaysian law, particularly the Contracts Act 1950 and Civil Law Act 1956, the form must include clear terms of release, consideration (if any), and proper execution requirements. It's commonly employed in various scenarios including employment separations, business dissolutions, settlement of commercial disputes, and resolution of personal claims. The document provides legal certainty and finality to parties while protecting their interests through carefully crafted release provisions and warranties.

Suggested Sections

1. Parties: Identifies all parties to the release agreement, including their full legal names, addresses, and any relevant registration numbers for companies

2. Background: Provides context for the release, including brief description of the dispute or circumstances leading to the release

3. Definitions: Defines key terms used throughout the document to ensure clarity and prevent misinterpretation

4. Mutual Release: Core section detailing the mutual releases being granted, including scope of claims being released and effective date

5. Representations and Warranties: Statements by each party confirming their authority to enter into the agreement and understanding of its implications

6. No Admission of Liability: Statement clarifying that the release does not constitute an admission of liability by any party

7. Governing Law: Specifies Malaysian law as governing law and jurisdiction for any disputes

8. Execution: Signature blocks and execution requirements for all parties

Optional Sections

1. Consideration: Details any payment or consideration being exchanged as part of the release (if applicable)

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

3. Surviving Obligations: Specifies any obligations that survive the release, such as ongoing confidentiality requirements

4. Tax Implications: Include when the release involves monetary settlement with potential tax consequences

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

6. Return of Property: Include when physical or intellectual property needs to be returned as part of the settlement

Suggested Schedules

1. Schedule of Released Claims: Detailed list of specific claims, disputes, or matters being released

2. Schedule of Payments: If applicable, details of any settlement payments including amounts and payment schedule

3. Schedule of Returned Items: If applicable, inventory of any physical or intellectual property to be returned

4. Powers of Attorney: If applicable, documentation of authority to sign for corporate entities or other represented parties

Authors

Alex Denne

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

alex.den.21@genieai.co

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Company Secretary

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Dispute Resolution Specialist

Corporate Affairs Manager

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