1.2 Date. In turn, vehicular liability was released on [Document.CreatedDate] between the parties:
1.3 Names and Addresses.
[Releasor.FirstName] [Releasor.LastName] , who resides at [Releasor.StreetAddress] [Releasor.City] [Releasor.State] [Releasor.PostalCode] whom we will list as "Releasor"
[Releasee.FirstName] [Releasee.LastName] , who resides at [Releasee.StreetAddress] [Releasee.City] [Releasee.State] [Releasee.PostalCode] whom we will list as "Releasee."
The “Releasor” is the one who’s releasing the “Releasee” from liability for the use of his vehicle.
The specified Releasee and any individual (or organization) acting on behalf of the Releasee releases the Releasee, affiliates, successors, assigns, and any others who are connected with the Releasee from any and all liability arising out of the use of the Releasee's vehicle.
This liability extends to claims, obligations, settlements, disputes, damages, and other actions. Notwithstanding the preceding, Releasor or any party affected by Releasor shall not now or in the future be liable to any Released Party for any accidents, losses, damages, fines, or the like arising out of the use of the vehicle by Releasor or anyone to whom Releasor has entrusted the vehicle.
In exchange for releasing any liability arising from using the vehicle, the Releasee shall provide the Releasor with the possibility to use the vehicle for its business activities.
Considering these considerations, the Releasor expressly accepts the compensation granted and is fully satisfied with the same against current or future claims.
The compensation can be given with different payment types. These can include a monetary payment, a specific item, or a service provided.
This document cannot and shall not be taken as an admission of fault by the Releasee that it has acted in any unlawful manner against the Releasor or any affected person. Nor is it an express admission of liability for any cause whatsoever, nor does it give Releasor any right of action against the Releasee.
This agreement is legally binding between both parties and extends to their personal representatives, administrators, heirs, and executors. All clauses found in this Release are considered severable. Regardless of whether a clause is deemed unenforceable or invalid, it does not affect the validity of the other provisions. This document is the final agreement between the parties and supersedes any prior oral or written agreement. This document cannot be modified in any way unless both parties agree to it. In the event of any dispute, this agreement shall be governed by the laws of the state of [Releasor.State] .
This clause seeks to close the loopholes within the document concerning the liability of the parties for any claims. Additionally, it indicates that the document represents the final agreement between the parties and governs the legal relationship.
Both Releasor and Releasee represent that they understand all aspects of this Release and have verified such provisions on their own or with counsel of their choice. They have been given adequate time to consider each condition and to consult with other counsel regarding their understanding of all that is contained in this document. As indicated above, both parties enter into this agreement freely, understanding what it entails and voluntarily.
It’s not a mandatory clause, it’s advisable to add it to avoid any dispute over the understanding of the signed Vehicle Liability Release Form.