Legal Vehicle Settlement Release

LEGAL VEHICLE SETTLEMENT RELEASE

This Vehicle Settlement Release (the Agreement) is entered into as of by and between Releasor Name: , with a principal address at (Releasor), and Releasee Name: , with a principal address at (Releasee).

RECITALS

WHEREAS, on or about , an incident involving the motor vehicle described as Year: Make: Model: , VIN: occurred and gave rise to claims asserted by Releasor against Releasee;

WHEREAS, the parties desire to fully and finally settle, compromise, and resolve all disputes, claims, demands, causes of action, damages, costs and liabilities arising out of or relating to the incident and the vehicle described above, subject to the terms and conditions set forth in this Agreement;

WHEREAS, the parties acknowledge that this Agreement is made in consideration of the covenants and payments described below and is intended to avoid the burden, expense and uncertainty of continued dispute.

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

1. DEFINITIONS

Capitalized terms used in this Agreement shall have the meanings set forth herein. "Claim" or "Claims" means any and all past, present or future claims, demands, actions, causes of action, liabilities, damages, losses, expenses, attorneys' fees, costs or obligations of any nature, whether known or unknown, suspected or unsuspected, arising out of or relating to the incident or the vehicle described above.

2. SETTLEMENT CONSIDERATION

In full and final settlement of all Claims, Releasee shall pay to Releasor the sum of $ (Settlement Amount) in the manner set forth below. The parties agree that performance by Releasee of the obligations set forth in Section 3 shall be a complete discharge of any monetary obligations under this Agreement.

3. PAYMENT TERMS

Releasee shall deliver payment of the Settlement Amount by the following method (select one) and in accordance with the schedule below:

Check Wire Transfer Cashier's Check

Due on or before . For wire transfers, account name: , routing/account reference: .

4. RELEASE BY RELEASOR

Upon receipt in full of the Settlement Amount in accordance with Section 3, Releasor, on behalf of Releasor and Releasor's heirs, executors, administrators, successors and assigns, hereby fully, finally and forever releases, relinquishes and discharges Releasee and its past, present and future directors, officers, employees, agents, insurers, attorneys, representatives, predecessors, successors and assigns (collectively Releasee Parties) from any and all Claims that Releasor has asserted or could have asserted arising out of or relating to the incident or the vehicle described above, whether known or unknown, suspected or unsuspected, and whether in contract, tort, statute or otherwise.

5. COVENANT NOT TO SUE

Releasor covenants and agrees not to commence, maintain or prosecute any action, suit or other proceeding against any Releasee Party with respect to Claims released by this Agreement. This covenant shall apply to all legal forums and administrative proceedings.

6. TRANSFER OF TITLE / VEHICLE CONDITION

If the Settlement contemplates transfer of the vehicle, Releasor shall, upon receipt of the Settlement Amount, execute and deliver to Releasee or Releasee's designee all documents necessary to transfer title to the vehicle, free and clear of all liens, claims and encumbrances, except as expressly disclosed in writing in this Agreement. Releasor represents that Releasor is the legal owner of the vehicle and has the authority to transfer title.

7. REPRESENTATIONS AND WARRANTIES

Each party represents and warrants that (a) it has full power and authority to enter into this Agreement; (b) the person executing this Agreement on its behalf is duly authorized to do so; and (c) the execution and performance of this Agreement will not violate any agreement to which it is a party.

8. NO ADMISSION OF LIABILITY

The parties acknowledge and agree that this Agreement is a compromise of disputed claims and that neither the payment of the Settlement Amount nor any act performed pursuant to this Agreement shall constitute an admission of liability, fault, wrongdoing or unlawful conduct by any party.

9. INDEMNIFICATION

Each party shall indemnify, defend and hold harmless the other party from and against any third-party claim arising from that party's breach of any representation, warranty or obligation under this Agreement, except to the extent such claim arises from the indemnified party's own negligence or willful misconduct.

10. CONFIDENTIALITY

Except as otherwise required by law, the parties agree to keep the terms and amount of this Agreement confidential and not to disclose such information to third parties, provided that disclosure may be made to legal or financial advisors who agree to maintain confidentiality and as required for enforcement of this Agreement.

11. TAXES

Unless otherwise expressly stated in this Agreement, each party shall be responsible for any taxes that may be assessed on amounts payable to that party under this Agreement. Neither party shall be responsible for the tax obligations of the other.

12. NOTICES

All notices, demands or other communications required or permitted under this Agreement shall be in writing and delivered to the parties at their addresses set forth below (or to such other address as a party may designate in writing). Notice shall be effective upon personal delivery, three days after deposit in certified mail, return receipt requested, or one business day after confirmed overnight courier.

13. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of , without regard to its conflict of law principles. Venue for any action arising out of this Agreement shall be in the state or federal courts located in that state.

14. ENTIRE AGREEMENT; SEVERABILITY

This Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior and contemporaneous agreements, representations and understandings, whether oral or written. If any provision of this Agreement is held invalid or unenforceable, such provision shall be modified to the minimum extent necessary to make it valid and enforceable, and the remaining provisions shall remain in full force and effect.

15. AMENDMENT; WAIVER; COUNTERPARTS

No amendment or waiver of any provision of this Agreement shall be effective unless in writing and signed by the parties. Failure or delay by either party to enforce any right under this Agreement shall not constitute a waiver of that 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.

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