Legal Release: What is it, and how it will affect you?
In its simplest definition, a Legal Release is a form of legal agreement between two parties: the releasee and the releasor.
Signing it means that the releasor will not make any legal complaint and action against the releasee, in exchange for cash or some other compensation.
To get the full implication of what a legal release is, imagine that you’re driving on a chilly Sunday morning when suddenly your car got hit by another vehicle. Your car got wrecked, but fortunately, you’re okay— aside from a few minor wounds and a broken arm.
The driver at fault (and his insurer) might offer for a quick settlement by encouraging you to sign a legal release. He proposed that you sign it as a form of recompensation for you not to sue him.
- 6+ years of experience in financial analysis
- 5+ years of experience as a writer, published author, editor, and screenwriter