Release And Covenant Not To Sue

Release And Covenant Not To Sue Template for Malaysia

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Key Requirements PROMPT example:

"I need a Release and Covenant Not to Sue agreement for settling a commercial dispute with my former business partner regarding intellectual property rights and shared client databases, with a settlement payment of RM 500,000 to be made by March 15, 2025."

Document background

The Release And Covenant Not to Sue agreement is a crucial legal instrument in Malaysian business and civil matters, designed to provide a definitive resolution to existing or potential disputes. This document is commonly used in situations where parties wish to settle disagreements, conclude business relationships, or manage risk exposure without resorting to litigation. It combines two powerful legal concepts: a release of claims and a forward-looking covenant not to sue, both governed by Malaysian law, particularly the Contracts Act 1950 and related statutes. The agreement is especially valuable in commercial settlements, employment terminations, accident claims, and business dissolutions, where it provides clarity and finality while ensuring legal enforceability within the Malaysian jurisdiction. The document typically includes detailed provisions about the claims being released, consideration provided, and the scope of the covenant not to sue, along with necessary representations and warranties to ensure its effectiveness.

Suggested Sections

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

2. Background: Provides context about the circumstances leading to the release, including any existing disputes or potential claims

3. Definitions: Defines key terms used throughout the agreement, including the scope of claims being released

4. Release: Core provision detailing the claims, rights, and causes of action being released

5. Covenant Not to Sue: Express commitment not to initiate or maintain any legal action regarding the released claims

6. Consideration: Details of the consideration being provided in exchange for the release

7. Representations and Warranties: Statements by the releasing party about their authority to grant the release and understanding of its implications

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

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

10. Execution: Signature blocks and execution requirements

Optional Sections

1. Confidentiality: Include when the parties wish to keep the existence or terms of the release confidential

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

3. Return of Property: Include when there is physical or intellectual property to be returned as part of the settlement

4. Cooperation: Include when ongoing cooperation is needed for implementing the release

5. Insurance Claims: Include when insurance policies or claims are relevant to the release

6. Tax Matters: Include when the release involves payments with tax implications

7. Third Party Rights: Include when the release affects rights of parties not signing the agreement

Suggested Schedules

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

2. Schedule of Released Parties: Comprehensive list of all parties benefiting from the release, including related entities if applicable

3. Schedule of Payments: Payment terms and schedule if the release involves financial consideration

4. Schedule of Excluded Claims: List of specific claims or rights explicitly excluded from the release

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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