past client had outstanding bill, their lawyer wants to pay and settle with the exchange of a 'mutual general release'.
both parties will never do business again, is there any down side to exchanging the 'release' (or specific language that should be added). and second, is there another more prefered written instrument that should be used instead.
General Release Statement:
BE IT KNOWN, that _______ (hereinafter referred to as “Releasor”) for and in consideration of the sum of $_________ USD, and other valuable consideration including a general release immediately received back from or on behalf of ________, (hereinafter referred to as “Releasee”) the receipt of which is hereby acknowledged, does hereby release and discharge the said Releasee, of and from all manner of actions, debts, contracts, controversies, claims and demands whatsoever specifically in regard to Releasee’s _________, their outstanding _______ balance and any ‘out-of-pocket’ expenses related to the fore mentioned, which said Releasor had, now has, or which any personal representative, successor, heir or assignee of said Releasor, hereafter can, shall or may have, against said Releasee, by reason of any matter, cause or thing whatsoever specifically in regard to Releasee’s _________, their outstanding _______ balance and any ‘out-of-pocket’ expenses related to the fore mentioned, that occurred from the beginning of time to the date of this instrument.