General release

By: Martin M. Shenkman, CPA, MBA, JD

A general release is the relinquishment or giving up of any claims or rights you have against someone or against a particular entity. For example, you terminate your employment and your employer is willing to give you $10,000 in exchange for a general release. This is a legal contract you would sign, in exchange for the money, in which you would acknowledge that you have no claims, suits, etc. against your employer. General releases are used in a host of business and other transactions. A general release is a broad release, in contrast with a limited release in which you may only indicate that you have no further claims against a particular person or entity with respect to the matter named and identified in the release.

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