A restructuring settlement and mutual release agreement is a document drafted between two parties where one is referred to as the releasee and the other as releaser. In such agreements the role of the releasor is usually that of the officer, shareholder and creditor of the realesee.
The agreement serves the purpose of documentary evidence stating that the releasee agrees to fully and finally settle as well as terminate all the liabilities and obligations it has to the releaser and vice versa.
There are few terms and conditions laid down in the agreement that both the parties need to agree to. Some of them are as follows:
Date on which the release warrants and represents the execution of the agreement
The execution and the delivery of the agreement have to be authorized by the Board of Directors
The legal sections under which the restructuring take place needs to be followed.
Restructuring Settlement and Mutual Release Agreement
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