Final Settlement and Release template

Notice: This template is for general guidance and information only and does not constitute legal advice. The appropriate wording varies from case to case, and we recommend having a licensed lawyer review any document before you sign it.

A final settlement and release closes the door — so read it before you sign. By signing it you acknowledge that you have received everything owed to you and have no further claim, and it is difficult to go back on it. Do not sign it before you have actually received the money, and do not sign general wording ("I release him from every right") if there is more than one transaction between you and you want a release for only one of them — define the subject of the release precisely.

Final Settlement and Release

Date: / / AH, corresponding to / / AD    City: ........ First Party (the releasing party): ........................, National ID/Iqama No.: ............, national address: ................ Second Party (the released party): ........................, National ID/Iqama No.: ............ (or the establishment ........................, Commercial Registration ............) Subject of the settlement — to be defined precisely: ........................................................................................ (Example: all my labour entitlements for the period from … to … / the price of the item sold under the contract dated … / compensation for accident No. …) Amount received: (............) Saudi riyals, in words: ........................ riyals only, received on / / AH by (bank transfer / cheque No. ............ / cash). Acknowledgement: I, the First Party, acknowledge that I have received the above amount in full, that it represents a final settlement of the subject defined above, and that I have no claim against the Second Party in respect of it, now or in the future, and I fully release the Second Party from it. This release does not cover: ........................................ (State any exclusions, or write "None".) Also excluded are any claims arising from fraud or deception subsequently proven, and any rights established by law that may not be waived. First Party: Name: ................ Signature: ................ Date: / / AH Second Party: Name: ................ Signature: ................ Date: / / AH Witness: Name: ................ ID: ............ Signature: ................

Related documents: Promissory Note Template · Receipt Voucher Template · Statement of Account Template