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Receipt And Release Agreement for United Arab Emirates

Receipt And Release Agreement Template for United Arab Emirates

A Receipt and Release Agreement under UAE law is a formal legal document that evidences the settlement of claims or disputes between parties and provides for a mutual release of obligations. Governed by the UAE Civil Code and related federal laws, this agreement documents the receipt of consideration and releases specified claims or rights. The document must comply with UAE legal requirements, including proper execution formalities and clear articulation of the release terms. It serves as conclusive evidence of settlement and typically includes provisions for consideration, scope of release, non-admission of liability, and governing law clauses specific to UAE jurisdiction.

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What is a Receipt And Release Agreement?

The Receipt and Release Agreement is a crucial document in the UAE legal landscape, commonly used to formally document the settlement of disputes, claims, or obligations between parties. This agreement type is particularly relevant in the UAE's dynamic business environment, where it serves to provide clarity and finality to settlements while ensuring compliance with local laws. The document is structured to meet the requirements of UAE Federal Law No. 5 of 1985 (Civil Code) and related legislation, incorporating essential elements such as consideration, clear release terms, and proper execution requirements. It is frequently used in commercial disputes, employment settlements, insurance claims, and construction project completions, providing parties with a legally binding document that evidences both the receipt of consideration and the release of claims. The agreement's importance is heightened in the UAE context due to the jurisdiction's emphasis on formal documentation and clear evidence of settlement terms.

What sections should be included in a Receipt And Release Agreement?

1. Parties: Identification of all parties to the agreement, including full legal names, addresses, and registration details if corporate entities

2. Background: Recitals explaining the context of the agreement, including any disputes or claims being settled

3. Definitions: Definitions of key terms used throughout the agreement, including 'Claims', 'Released Matters', and 'Effective Date'

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

5. Release: Core provision detailing the scope of the release, what claims are being released, and by whom

6. Acknowledgments: Confirmations from parties regarding understanding of the release and receipt of consideration

7. Non-Admission of Liability: Statement that the agreement does not constitute admission of liability by any party

8. Governing Law and Jurisdiction: Specification of UAE law as governing law and designation of appropriate UAE courts for disputes

9. Entire Agreement: Confirmation that this document represents the complete agreement between parties regarding the released matters

10. Execution: Signature blocks and execution formalities compliant with UAE requirements

What sections are optional to include in a Receipt And Release Agreement?

1. Confidentiality: Provisions regarding confidentiality of the agreement terms and settlement amount, used when parties wish to maintain privacy

2. Continuing Obligations: Details of any obligations that survive the release, used when certain responsibilities continue past settlement

3. Tax Implications: Provisions addressing tax consequences of the settlement, used when significant sums are involved

4. Return of Property: Requirements for return of documents or property, used when physical items or documents need to be exchanged

5. Non-Disparagement: Provisions preventing parties from making negative statements about each other, used in sensitive settlements

6. Future Cooperation: Requirements for future cooperation between parties, used when ongoing interaction is necessary

What schedules should be included in a Receipt And Release Agreement?

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

2. Payment Schedule: Details of payment amounts, dates, and methods if consideration is to be paid in installments

3. List of Related Proceedings: List of any legal proceedings to be discontinued as part of the settlement

4. Property Schedule: Inventory of any property or documents to be transferred or returned

5. Corporate Authorizations: Copies of corporate approvals and authorizations if parties are corporate entities

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

Publisher

Ƶ

Document Type

Release Agreement

Cost

Free to use
Relevant legal definitions
























Clauses
























Relevant Industries

Construction

Real Estate

Banking and Finance

Insurance

Manufacturing

Professional Services

Oil and Gas

Healthcare

Retail and Consumer

Technology

Transportation and Logistics

Hospitality

Employment Services

Relevant Teams

Legal

Risk Management

Human Resources

Finance

Compliance

Operations

Project Management

Corporate Affairs

Claims Processing

Business Development

Relevant Roles

Legal Counsel

General Counsel

Contract Manager

Risk Manager

Claims Manager

Human Resources Director

Chief Financial Officer

Project Manager

Compliance Officer

Settlement Officer

Corporate Secretary

Business Development Manager

Operations Manager

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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