A release or release agreement is a document or other enforceable agreement that releases one party from further liability to another—or releases two or more parties from further liability to each other. A release is typically signed or executed by the parties following an incident, claim, or lawsuit in which one party (the releasing party) claims another party (the released party) caused physical, financial, or emotional damage to the releasing party.
A release is typically included in a settlement agreement to resolve such claims before, during, or after a lawsuit is filed involving the incident or claim. The release is typically given by the releasing party in exchange for the released party paying money or giving or doing something else of value that the releasing party will accept in exchange—even an apology may be given in exchange for a release if the releasing party is willing to accept the apology in exchange for the release.
In Maryland, a release or release agreement is a legally binding document that absolves one or more parties from further legal responsibility to another party. These agreements are commonly used in the context of settling disputes where one party alleges harm or damage caused by another. The release is often part of a settlement agreement, which may be reached before, during, or after litigation. The terms of the release are negotiated between the parties and typically involve the released party providing compensation, which could be monetary or another form of value, such as property or services, to the releasing party. In some cases, even an apology can be considered valuable consideration for a release if it is acceptable to the injured party. It is important to ensure that such agreements are drafted clearly to avoid future disputes over their interpretation and that they comply with Maryland law, including any specific requirements for enforceability. An attorney can provide crucial assistance in drafting and reviewing release agreements to ensure they meet legal standards and adequately protect the interests of the parties involved.