Damage Release Agreement

DAMAGE RELEASE AGREEMENT

This Damage Release Agreement (the "Agreement") is made effective as of by and between Releasor Name: whose address is (hereinafter "Releasor"), and Releasee Name: whose address is (hereinafter "Releasee"). Releasor and Releasee may be referred to individually as a "Party" and collectively as the "Parties."

RECITALS

WHEREAS, on or about an incident occurred involving damage to property described as: (the "Incident");

WHEREAS, Releasor asserts certain claims, demands, losses, or causes of action arising out of or relating to the Incident, identified by claim number: ; and

WHEREAS, the Parties desire to fully and finally resolve and settle all such claims between them on the terms and conditions set forth below.

NOW, THEREFORE, in consideration of the mutual covenants and other good and valuable consideration set forth herein, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

1. DEFINITIONS

For purposes of this Agreement, "Claims" means any and all actions, causes of action, suits, liabilities, obligations, demands, claims, losses, damages, costs and expenses (including reasonable attorneys' fees and costs) whether known or unknown, suspected or unsuspected, disclosed or undisclosed, arising out of or related to the Incident.

2. RELEASE

Subject to the terms and conditions of this Agreement and in consideration of the payments and promises set forth herein, Releasor irrevocably and unconditionally releases, remises and forever discharges Releasee and its past and present parents, subsidiaries, affiliates, predecessors, successors, assigns, officers, directors, employees, agents, insurers and attorneys (collectively, the "Released Parties") from any and all Claims that Releasor has or may have against the Released Parties arising out of, in connection with, or related to the Incident, whether arising in contract, tort, statute, strict liability, negligence (including active, passive and gross negligence), or any other legal theory, to the maximum extent permitted by law.

3. DESCRIPTION OF DAMAGES

4. CONSIDERATION

In full and final consideration for the Release set forth in Section 2, Releasee agrees to provide to Releasor the following: Payment Amount: $ , and other consideration described as:

Receipt and adequacy of the consideration are acknowledged by Releasor, who represents that the consideration is fair and reasonable compensation for the claims released herein.

5. SCOPE AND EFFECT OF RELEASE

This Release extends to all Claims whether known or unknown, suspected or unsuspected, and Releasor expressly waives any rights under any statute or common law principle providing that a general release does not extend to claims which the releasing party does not know or suspect to exist at the time of executing the release. Releasor acknowledges that Releasor may hereafter discover facts different from or in addition to those which Releasor now knows or believes to be true, but agrees that this Agreement shall remain effective in all respects notwithstanding such different or additional facts.

6. EXCEPTIONS

Notwithstanding the foregoing, this Agreement does not release (a) any claims that cannot be waived as a matter of applicable law, (b) criminal liability, or (c) any rights or claims arising after the Effective Date that are unrelated to the Incident.

7. REPRESENTATIONS AND WARRANTIES

Each Party represents and warrants to the other that: (a) it has full authority to enter into this Agreement; (b) no other person or entity has any interest in the claims released herein; (c) it has not assigned or transferred any right, claim or cause of action released by this Agreement; and (d) the person executing this Agreement on behalf of each Party is duly authorized to do so.

8. INDEMNIFICATION

Releasor agrees to indemnify, defend and hold harmless the Released Parties from and against any and all third-party claims, liabilities, losses, damages, costs and expenses (including reasonable attorneys' fees) arising out of any breach by Releasor of its representations, warranties or obligations under this Agreement or any claim that Releasor failed to disclose material facts related to the Incident.

9. CONFIDENTIALITY

The Parties agree that the terms, amount and existence of this Agreement shall be kept confidential and not disclosed to any third party except as required by law, to legal or tax advisors who agree to keep such information confidential, or as necessary to enforce the terms of this Agreement. If confidentiality is required, check here:

10. NOTICES

Except as otherwise provided in this Agreement, any notice required or permitted hereunder shall be in writing and shall be delivered to the addresses set forth below or to such other address as a Party may designate by written notice to the other Party in accordance with this Section.

11. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of , without regard to conflict of laws principles.

12. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement and understanding between the Parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, negotiations, representations and understandings, whether written or oral, relating to the subject matter hereof.

13. SEVERABILITY

If any provision of this Agreement is held to be invalid, illegal or unenforceable, the remaining provisions shall remain in full force and effect and shall be construed so as to effectuate the intent of the Parties to the fullest extent permitted by law.

14. AMENDMENTS; WAIVER; COUNTERPARTS

No modification, amendment or waiver of any provision of this Agreement shall be effective unless in writing and signed by both Parties. No failure or delay by either Party in exercising any right under this Agreement shall operate as a waiver of such right. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

15. AUTHORITY TO EXECUTE

Each individual signing this Agreement on behalf of a corporate or other organizational Party represents and warrants that he or she has full authority to bind that Party to the terms of this Agreement.

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