Release of Claims
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This document discusses a "Release of Claims," which is an agreement that can prevent liability. A Release of Claims releases a party from legal claims and may be a standalone agreement or part of another agreement. There are important considerations when reviewing a Release of Claims, such as whether it is enforceable, if it is mutual or one-sided, what time period it covers, and who it covers.
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- Limitation of liability and waiver of liability clauses limit or eliminate ability to recover damages for wrongdoing.
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Franchisors are required to update their franchise disclosure document (FDD) within 120 days of the end of their fiscal year to disclose annual financial and other information. If the FDD is not updated by this deadline, the franchisor cannot legally sell additional franchises until the FDD is updated. Additionally, if a prospective franchisee received the previous year's FDD but has not yet signed an agreement, the franchisor must provide them the newly updated FDD.
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Release of Claims
- 1. What if there were an agreement that could prevent you from being liable?
- 3. Guess what?
- 4. There is such an agreement. It is commonly referred to as a “Release of Claims.”
- 5. In the franchise industry the deployment of Release of Claims is common place.
- 6. A Release of Claims may be a stand-alone agreement or it may be embedded in another agreement.
- 7. There are many considerations when reviewing a Release of Claims.
- 8. Is the Release of Claims enforceable?
- 9. Is it a one sided or mutual release?
- 10. Is it a release for past acts or does it include future acts as well?
- 11. Is it for all acts or specific acts?
- 12. Does it cover just the business or individual business owners, too?
- 13. Want more information? Give us a call or email us: Telephone: 513-400-3895 Email: mbgettins@gettinslaw.com