A final settlement release is an agreement reached by the parties, usually in writing, settling all issues. Usually there are elements of compromise, waiver of any right to re-open or appeal the matter even if there is information found later which would change matters (such as recurrence of a problem with an injury), mutual release of any further claim by each party, a statement that neither side is admitting fault, and some action or payment by one or both sides. In short, the issue is over, provided the parties do what they are supposed to do according to the final settlement’s terms. At all times prior to the execution of release, System Risk Management recommends you contact your Member’s respective General Counsel contact to discuss further. A copy of the System’s Final Settlement and release can be found here within System General Counsel’s website.
A general release/waiver is a formal written statement relinquishing a right, requirement or waiver of liability. Generally, those presented a release must have adequate time to review the release and seek advice from counsel. If you wish to use a general waiver, please contact your Member’s respective General Counsel contact to discuss further.