A Company Release Form is a critical legal document used when an organization needs to obtain a comprehensive release of claims from an individual, most commonly in employment termination scenarios. This document, governed by U.S. federal and state laws, provides protection against potential future legal claims while ensuring compliance with employment regulations. It typically includes details about consideration provided, specific claims being released, and mandatory review periods. The form must comply with various federal statutes including the Age Discrimination in Employment Act and state-specific requirements.
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1. Parties: Identification of the company and the releasing party
2. Background: Context of the release and relationship between parties
3. Definitions: Key terms used throughout the release including 'Released Claims', 'Released Parties', and other relevant definitions
4. Release Provisions: Comprehensive description of claims being released and scope of the release
5. Consideration: Details of what the releasing party receives in exchange for the release
6. Acknowledgments: Party's acknowledgment of understanding rights, voluntary nature of agreement, and opportunity to consult counsel
7. Governing Law: Specification of jurisdiction and applicable law
8. Execution: Signature blocks and date of execution
1. Non-Disparagement: Clause prohibiting negative statements about the company, typically included in employee separation agreements
2. Confidentiality: Provisions maintaining secrecy of agreement terms and any confidential information
3. Return of Property: Requirements for returning company property and confirmation of compliance
4. Future Cooperation: Terms regarding assistance with transition, future inquiries, or legal matters
5. Non-Admission: Statement that the agreement does not constitute admission of wrongdoing
1. Schedule A - Claims List: Detailed enumeration of specific claims being released
2. Schedule B - Benefits Summary: Summary of any continuing benefits, payments, or compensation details
3. Exhibit A - ADEA Disclosure: Required age discrimination disclosure for group terminations including list of affected employees
4. Exhibit B - Property Return Checklist: Itemized list of company property to be returned
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