If you`re in a legal battle, or want to protect yourself from future litigation, you may be considering an agreement not to sue. But what is an agreement not to sue called, and how does it work?
An agreement not to sue is a legal document in which one party agrees not to sue the other party. This type of agreement can be used in many different situations, such as in personal injury cases, in employment agreements, or in business contracts.
The agreement not to sue can be called by different names, depending on the legal system and the jurisdiction. Some common names for this type of agreement include:
– Release: In some states in the US, the agreement not to sue is called a release. This is a legal document that releases one party from liability for any claims that the other party may have.
– Waiver: A waiver is a document that waives or gives up a right. An agreement not to sue can be called a waiver, as it involves giving up the right to sue the other party.
– Cessation of Proceedings: In some countries, the agreement not to sue is called a cessation of proceedings. This type of agreement is used when there is already a pending lawsuit, and the parties agree to stop the legal proceedings.
– Non-Disparagement Agreement: A non-disparagement agreement is a type of agreement not to sue that prohibits one party from making negative statements about the other party. This type of agreement is often used in employment contracts and settlement agreements.
An agreement not to sue can be beneficial for both parties. The party being sued can avoid the time, expense, and negative publicity of a court battle, while the party suing can receive compensation without the need for a trial. However, it`s essential to understand the terms of the agreement and seek legal advice before signing.
In conclusion, an agreement not to sue can be called by different names, including release, waiver, cessation of proceedings, and non-disparagement agreement. Whatever the name, this type of agreement can be a useful tool for resolving legal disputes. As always, it`s essential to seek legal advice before signing any legal document.