DEED OF RELEASE
This Deed of Release ("this Deed") is dated this _____________________________
BETWEEN:
________ (ACN _____________________________)
of the following address:
________
("the Employer")
AND
________
of the following address:
________
("the Employee")
The Employee was employed by the Employer starting from ________ ("the Employment").
The Employment was terminated with the final day of the Employment being ________.
The Employment was terminated because the Employee's role within the Employer's business had become redundant.
The Employer and the Employee have chosen to enter this Deed in order to settle any and all claims arising out of the Employment and/or the termination of the Employment, on the terms set out in this Deed.
(1) DEFINITIONS
"Business Day" means a day which is not a Saturday, Sunday or public holiday in New South Wales.
"Deed" means this Deed of Release.
"Deed Date" means _____________________________
"Employee" means ________.
"Employer" means ________.
"Employment" means the employment relationship between the Employee and the Employer under the Employment Agreement.
"Employment Agreement" means the employment agreement dated ________ between Employer and Employee.
"Parties" means parties to this Deed.
"Party" means a party to this Deed.
"Termination" means the termination of the Employment.
"Termination Date" means ________.
(2) INTERPRETATION:
In this Deed, unless the context otherwise requires, the following rules of interpretation shall apply:
(a) Words referring to one gender include every other gender.
(b) Words referring to a singular number include the plural, and words referring to a plural include the singular.
(c) If a word or phrase is defined in this Deed then any grammatical variations of that word or phrase have a corresponding meaning.
(d) Words referring to a person or persons include firms, corporations, associations, partnerships, joint ventures, authorities, government bodies, organisations and other legal entities, and vice versa.
(e) Any reference to time is a reference to time in New South Wales.
(f) In the event that something must be done under this Deed on or before a particular date, if that date falls on a day which is not a business day, then that thing must be done on or before the next business day.
(g) Any obligation on a Party not to do something includes an obligation not to allow that thing to be done.
(h) Headings and titles are included in this Deed for convenience only and shall not affect the interpretation of this Deed.
(i) A reference to legislation or any part or provision of that legislation includes any subordinate legislation, any amended legislation, and any substituted legislation issued under that legislation.
(j) A reference to an agreement or document is a reference to that agreement or document as amended, replaced, supplemented or novated from time to time.
(k) A reference to a Party also includes that Party's successors, assigns, legal personal representatives and/or any person that is substituted by way of novation.
(l) Any reference to money or currency, unless otherwise specified, is a reference to Australian dollars.
(3) RELEASE
Except as otherwise required by law:
(a) The Employee hereby irrevocably and unconditionally releases and discharges the Employer, together with any officers, employees, directors, agents, contractors, assignees, successors or other representatives of the Employer, from any and all claims, debts, demands, suits, actions, proceedings or other liabilities whatsoever (including any costs whether legal or otherwise) which the Employee may have or may at any time incur against the Employer or any officers, employees, directors, agents, contractors, assignees, successors or other representatives of the Employer (whether directly or indirectly) in connection with the Employment and/or in connection with the Termination.
(b) The Employer hereby irrevocably and unconditionally releases and discharges the Employee from any and all claims, debts, demands, suits, actions, proceedings or other liabilities whatsoever (including any costs whether legal or otherwise) which the Employer may have or may at any time incur against the Employee (whether directly or indirectly) in connection with the Employment and/or in connection with the Termination.
(4) PAYMENT
(a) In consideration for the release provided by the Employee under this Deed, the Employer agrees to pay the Employee as follows ("Payment(s)"):
(I) Severance pay in the amount of $________ (________).
(b) The Employer will make the Payment(s) to the Employee within 15 Business Days of the Deed Date.
(c) Any Payment(s) described under this clause are expressed as gross before tax amounts. The Employer will deduct any applicable taxes from the said Payment(s) and will pay the net after tax amount(s) to the Employee.
(5) EMPLOYMENT REFERENCE
In consideration for the release provided by the Employee under this Deed, the Employer hereby agrees to provide the Employee, within 15 Business Days of the Deed Date, with an employment reference. Such employment reference will outline the period of time that the Employee was employed with the Employer, the Employee's position with the Employer, and the Employee's duties for the Employer.
(6) JOB PLACEMENT ASSISTANCE
In consideration for the release provided by the Employee under this Deed, the Employer hereby agrees to provide reasonable assistance to support the Employee in finding new employment.
(7) RETURN OF PROPERTY
Within 15 Business Days of the Deed Date, the Employee must return to the Employer any and all of the Employer's property.
(8) ACKNOWLEDGEMENT
The Employee hereby acknowledges and agrees:
(a) That the release provided by the Employee under the "Release" clause of this Deed is expressly intended to extinguish certain rights which the Employee may have in connection with the Employment and/or in connection with the Termination, and is intended to bind the Employee as well as any spouse, heirs, executors, administrators, legal personal representatives, successors and assignees of the Employee.
(b) That any parties which are not Parties to this Deed but which are released by the Employee due to their respective roles as officers, employees, directors, agents, contractors, assignees, successors or other representatives of the Employer under the "Release" clause of this Deed may rely on this Deed as a complete bar to any claims, debts, demands, suits, actions, proceedings or other liabilities whatsoever (including any costs whether legal or otherwise) which the Employee may pursue in connection with the Employment and/or in connection with the Termination.
(c) That, except as otherwise required by law, the Payment(s) described in the "Payment" clause of this Deed represent the entire monetary amount that the Employer is required to pay to the Employee in relation to the Employment, up to and including the Termination Date. This includes all contractual and statutory amounts in relation to salary, wages, severance pay, annual leave, long service leave, leave loading and any other entitlements related to the Employment.
(d) That the Employee is not entitled to receive any further payment or other benefits in relation to the Employment or the Termination except as expressly provided in this Deed or as otherwise required by law.
(9) BAR TO FURTHER PROCEEDINGS
The Parties hereby expressly agree that this Deed may be pleaded as a full and complete defence to any claims, debts, demands, suits, actions, proceedings or other liabilities that any other Party to this Deed may pursue at any time in relation to the Employment or the Termination.
(10) CONFIDENTIALITY
(a) Subject to this clause, the Parties hereby agree to keep the provisions of this Deed confidential.
(b) Notwithstanding the preceding sub-clause hereof, the Parties may disclose any details of this Deed ("Details"):
(I) to their respective legal or financial advisors ("Advisors") provided that the Party disclosing the Details to any such Advisors first ensures that those Advisors are legally bound to keep the Details confidential on terms at least as onerous as those contained in this Deed; or
(II) as otherwise required by law, by court order, or by the requirement of any stock exchange or regulatory authority.
(c) This clause will survive termination or expiration of this Deed.
(11) NO COMPETITION
(a) The Employee agrees that, for the period of time as set out in this clause ("the Time Period") after the Deed Date, and within the geographical area as set out in this clause ("the Geographical Area"), the Employee will not, either directly or indirectly, whether as employee, partner, sole trader, manager, director, advisor, agent, representative, affiliate, consultant, shareholder, unit holder, trustee, contractor or otherwise, undertake any of the following:
(I) engaging in a business which is the same as, similar to or in competition with the Employer's business; or
(II) soliciting, hiring, or attempting to hire any of the Employer's other employees or staff;
(III) soliciting any of the Employer's customers or clients.
(b) For the purposes of this clause, "the Time Period" means, from the Deed Date:
(I) six months;
(c) For the purposes of this clause, "the Geographical Area" means, from the Employment Location, a distance of:
(I) one kilometre;
(12) NON DISPARAGEMENT
The Parties each hereby respectively agree not to disparage, denigrate or harm the reputation of the other Party or any officers, employees, directors, agents, contractors, assignees, successors or other representatives of the other Party (if applicable).
(13) EMPLOYEE WARRANTIES
The Employee hereby warrants that:
(a) the Employee has had the opportunity to obtain independent legal advice in relation to the matters addressed by this Deed and the Employee has either:
(I) taken such independent legal advice; or
(II) elected not to take such independent legal advice.
(b) the Employee has not been induced to enter this Deed by any representation(s) made by the Employer or any officer, employee, director, agent, contractor, assignee, successor or other representative, except as provided in this Deed.
(14) 25282 88555
5585 25522 2582 252 828 282 82258 82828 22 525 8288522258 22 2588 8225.
(15) GENERAL PROVISIONS
(a) GOVERNING LAW: This Deed shall be governed in all respects by the laws of New South Wales and any applicable federal law. Both Parties consent to jurisdiction under the state and federal courts within New South Wales.
(b) LANGUAGE: All communications made or notices given pursuant to this Deed shall be in the English language.
(c) AMENDMENTS: This Deed may only be amended in writing signed by both Parties.
(d) RIGHTS, REMEDIES AND POWERS: Unless expressly provided in this Deed, any rights, remedies or powers which a Party acquires under this Deed are cumulative and apply in addition to any rights, remedies or powers which that Party may otherwise have. Unless expressly provided in this Deed, nothing in this Deed shall in any way reduce, extinguish, postpone, restrict or otherwise limit any right, remedy or power which that Party may have.
(e) SURVIVAL OF OBLIGATIONS: At the termination or expiration of this Deed, any provisions of this Deed which would by their nature be expected to survive termination or expiration shall remain in full force and effect, including but not limited to any provisions which are explicitly stated to survive termination and/or expiration.
(f) NO WAIVER: None of the powers or rights created under the terms of this Deed shall be deemed to have been waived by any act or acquiescence of either Party. A power or right under the terms of this Deed may only be waived in writing, signed by the Party that is waiving the said power or right. No waiver of any power or right under a term of this Deed shall constitute a waiver of any other power or right or of the same power or right on a future date. Failure of either Party to enforce any term of this Deed shall not constitute waiver of such term or any other term.
(g) 555588852558: 52 522 252888822 25 2252 22 2588 8225 88 5285 22 82 5222225825882, 2522 2588 8225 8888 82 522225 5222525 22 252 252222 228288552 22 522525 252 225258882 5222225825882 252888822, 525 252 5282 22 252 8225, 85885 525 22225825882. 52 5 82552 52888228 22 52225 2588 8225 58 25288525 525282, 252 8285885822 25 5222225825888822 22 522 252888822 22 2588 8225 85588 222 522282 252 85885822 25 22225825888822 22 252 522582822 22528 525 2528888228, 85885 85588 82 22225825 58 82 252 222225822 2252 25 252888822 555 222 8222 82885525 82 2588 8225.
(h) 585585 828552585: 52 52852822 22 252 8582282 252225 22 2588 8225, 2588 8225 82282825228 252 222852 525222222 8228222 252 2552828 525 8522582528 522 25825 25 822222225522258 52525825258228, 8522525 8582222 25 2558.
(i) COUNTERPARTS: This Deed may be executed in counterparts, all of which shall constitute a single agreement. If the dates set forth at the end of this document are different, this Deed is to be considered effective as of the date that both Parties have signed the agreement, which may be the later date.
(j) FORCE MAJEURE/EXCUSE: Neither Party is liable to the other for any failure to perform due to causes beyond its reasonable control including, but not limited to, acts of God, acts of civil authorities, acts of military authorities, riots, embargoes, acts of nature and natural disasters, and other acts which may be due to unforeseen circumstances.
(k) FURTHER ACTS: Each Party must, and must ensure that its directors, employees, officers, agents, representatives and contractors do all things and sign, execute and deliver all documents, agreements and instruments as reasonably required in order to give effect to this Deed and to the rights and obligations of the Parties created under this Deed.
EXECUTED AS A DEED THIS ________
Signed sealed and delivered by ________ in accordance with s127 of the Corporations Act 2001 (Cth) by:
___________________________________
Signature of first director
____________________________________
Name of first director
___________________________________
Signature of second director
____________________________________
Name of second director
Signed Sealed and Delivered by ________:
____________________________________
________
In the presence of:
____________________________________
Witness Signature
____________________________________
Witness Name
____________________________________
Witness Occupation
____________________________________
____________________________________
Witness Address
DEED OF RELEASE
This Deed of Release ("this Deed") is dated this _____________________________
BETWEEN:
________ (ACN _____________________________)
of the following address:
________
("the Employer")
AND
________
of the following address:
________
("the Employee")
The Employee was employed by the Employer starting from ________ ("the Employment").
The Employment was terminated with the final day of the Employment being ________.
The Employment was terminated because the Employee's role within the Employer's business had become redundant.
The Employer and the Employee have chosen to enter this Deed in order to settle any and all claims arising out of the Employment and/or the termination of the Employment, on the terms set out in this Deed.
(1) DEFINITIONS
"Business Day" means a day which is not a Saturday, Sunday or public holiday in New South Wales.
"Deed" means this Deed of Release.
"Deed Date" means _____________________________
"Employee" means ________.
"Employer" means ________.
"Employment" means the employment relationship between the Employee and the Employer under the Employment Agreement.
"Employment Agreement" means the employment agreement dated ________ between Employer and Employee.
"Parties" means parties to this Deed.
"Party" means a party to this Deed.
"Termination" means the termination of the Employment.
"Termination Date" means ________.
(2) INTERPRETATION:
In this Deed, unless the context otherwise requires, the following rules of interpretation shall apply:
(a) Words referring to one gender include every other gender.
(b) Words referring to a singular number include the plural, and words referring to a plural include the singular.
(c) If a word or phrase is defined in this Deed then any grammatical variations of that word or phrase have a corresponding meaning.
(d) Words referring to a person or persons include firms, corporations, associations, partnerships, joint ventures, authorities, government bodies, organisations and other legal entities, and vice versa.
(e) Any reference to time is a reference to time in New South Wales.
(f) In the event that something must be done under this Deed on or before a particular date, if that date falls on a day which is not a business day, then that thing must be done on or before the next business day.
(g) Any obligation on a Party not to do something includes an obligation not to allow that thing to be done.
(h) Headings and titles are included in this Deed for convenience only and shall not affect the interpretation of this Deed.
(i) A reference to legislation or any part or provision of that legislation includes any subordinate legislation, any amended legislation, and any substituted legislation issued under that legislation.
(j) A reference to an agreement or document is a reference to that agreement or document as amended, replaced, supplemented or novated from time to time.
(k) A reference to a Party also includes that Party's successors, assigns, legal personal representatives and/or any person that is substituted by way of novation.
(l) Any reference to money or currency, unless otherwise specified, is a reference to Australian dollars.
(3) RELEASE
Except as otherwise required by law:
(a) The Employee hereby irrevocably and unconditionally releases and discharges the Employer, together with any officers, employees, directors, agents, contractors, assignees, successors or other representatives of the Employer, from any and all claims, debts, demands, suits, actions, proceedings or other liabilities whatsoever (including any costs whether legal or otherwise) which the Employee may have or may at any time incur against the Employer or any officers, employees, directors, agents, contractors, assignees, successors or other representatives of the Employer (whether directly or indirectly) in connection with the Employment and/or in connection with the Termination.
(b) The Employer hereby irrevocably and unconditionally releases and discharges the Employee from any and all claims, debts, demands, suits, actions, proceedings or other liabilities whatsoever (including any costs whether legal or otherwise) which the Employer may have or may at any time incur against the Employee (whether directly or indirectly) in connection with the Employment and/or in connection with the Termination.
(4) PAYMENT
(a) In consideration for the release provided by the Employee under this Deed, the Employer agrees to pay the Employee as follows ("Payment(s)"):
(I) Severance pay in the amount of $________ (________).
(b) The Employer will make the Payment(s) to the Employee within 15 Business Days of the Deed Date.
(c) Any Payment(s) described under this clause are expressed as gross before tax amounts. The Employer will deduct any applicable taxes from the said Payment(s) and will pay the net after tax amount(s) to the Employee.
(5) EMPLOYMENT REFERENCE
In consideration for the release provided by the Employee under this Deed, the Employer hereby agrees to provide the Employee, within 15 Business Days of the Deed Date, with an employment reference. Such employment reference will outline the period of time that the Employee was employed with the Employer, the Employee's position with the Employer, and the Employee's duties for the Employer.
(6) JOB PLACEMENT ASSISTANCE
In consideration for the release provided by the Employee under this Deed, the Employer hereby agrees to provide reasonable assistance to support the Employee in finding new employment.
(7) RETURN OF PROPERTY
Within 15 Business Days of the Deed Date, the Employee must return to the Employer any and all of the Employer's property.
(8) ACKNOWLEDGEMENT
The Employee hereby acknowledges and agrees:
(a) That the release provided by the Employee under the "Release" clause of this Deed is expressly intended to extinguish certain rights which the Employee may have in connection with the Employment and/or in connection with the Termination, and is intended to bind the Employee as well as any spouse, heirs, executors, administrators, legal personal representatives, successors and assignees of the Employee.
(b) That any parties which are not Parties to this Deed but which are released by the Employee due to their respective roles as officers, employees, directors, agents, contractors, assignees, successors or other representatives of the Employer under the "Release" clause of this Deed may rely on this Deed as a complete bar to any claims, debts, demands, suits, actions, proceedings or other liabilities whatsoever (including any costs whether legal or otherwise) which the Employee may pursue in connection with the Employment and/or in connection with the Termination.
(c) That, except as otherwise required by law, the Payment(s) described in the "Payment" clause of this Deed represent the entire monetary amount that the Employer is required to pay to the Employee in relation to the Employment, up to and including the Termination Date. This includes all contractual and statutory amounts in relation to salary, wages, severance pay, annual leave, long service leave, leave loading and any other entitlements related to the Employment.
(d) That the Employee is not entitled to receive any further payment or other benefits in relation to the Employment or the Termination except as expressly provided in this Deed or as otherwise required by law.
(9) BAR TO FURTHER PROCEEDINGS
The Parties hereby expressly agree that this Deed may be pleaded as a full and complete defence to any claims, debts, demands, suits, actions, proceedings or other liabilities that any other Party to this Deed may pursue at any time in relation to the Employment or the Termination.
(10) CONFIDENTIALITY
(a) Subject to this clause, the Parties hereby agree to keep the provisions of this Deed confidential.
(b) Notwithstanding the preceding sub-clause hereof, the Parties may disclose any details of this Deed ("Details"):
(I) to their respective legal or financial advisors ("Advisors") provided that the Party disclosing the Details to any such Advisors first ensures that those Advisors are legally bound to keep the Details confidential on terms at least as onerous as those contained in this Deed; or
(II) as otherwise required by law, by court order, or by the requirement of any stock exchange or regulatory authority.
(c) This clause will survive termination or expiration of this Deed.
(11) NO COMPETITION
(a) The Employee agrees that, for the period of time as set out in this clause ("the Time Period") after the Deed Date, and within the geographical area as set out in this clause ("the Geographical Area"), the Employee will not, either directly or indirectly, whether as employee, partner, sole trader, manager, director, advisor, agent, representative, affiliate, consultant, shareholder, unit holder, trustee, contractor or otherwise, undertake any of the following:
(I) engaging in a business which is the same as, similar to or in competition with the Employer's business; or
(II) soliciting, hiring, or attempting to hire any of the Employer's other employees or staff;
(III) soliciting any of the Employer's customers or clients.
(b) For the purposes of this clause, "the Time Period" means, from the Deed Date:
(I) six months;
(c) For the purposes of this clause, "the Geographical Area" means, from the Employment Location, a distance of:
(I) one kilometre;
(12) NON DISPARAGEMENT
The Parties each hereby respectively agree not to disparage, denigrate or harm the reputation of the other Party or any officers, employees, directors, agents, contractors, assignees, successors or other representatives of the other Party (if applicable).
(13) EMPLOYEE WARRANTIES
The Employee hereby warrants that:
(a) the Employee has had the opportunity to obtain independent legal advice in relation to the matters addressed by this Deed and the Employee has either:
(I) taken such independent legal advice; or
(II) elected not to take such independent legal advice.
(b) the Employee has not been induced to enter this Deed by any representation(s) made by the Employer or any officer, employee, director, agent, contractor, assignee, successor or other representative, except as provided in this Deed.
(14) 25282 88555
5585 25522 2582 252 828 282 82258 82828 22 525 8288522258 22 2588 8225.
(15) GENERAL PROVISIONS
(a) GOVERNING LAW: This Deed shall be governed in all respects by the laws of New South Wales and any applicable federal law. Both Parties consent to jurisdiction under the state and federal courts within New South Wales.
(b) LANGUAGE: All communications made or notices given pursuant to this Deed shall be in the English language.
(c) AMENDMENTS: This Deed may only be amended in writing signed by both Parties.
(d) RIGHTS, REMEDIES AND POWERS: Unless expressly provided in this Deed, any rights, remedies or powers which a Party acquires under this Deed are cumulative and apply in addition to any rights, remedies or powers which that Party may otherwise have. Unless expressly provided in this Deed, nothing in this Deed shall in any way reduce, extinguish, postpone, restrict or otherwise limit any right, remedy or power which that Party may have.
(e) SURVIVAL OF OBLIGATIONS: At the termination or expiration of this Deed, any provisions of this Deed which would by their nature be expected to survive termination or expiration shall remain in full force and effect, including but not limited to any provisions which are explicitly stated to survive termination and/or expiration.
(f) NO WAIVER: None of the powers or rights created under the terms of this Deed shall be deemed to have been waived by any act or acquiescence of either Party. A power or right under the terms of this Deed may only be waived in writing, signed by the Party that is waiving the said power or right. No waiver of any power or right under a term of this Deed shall constitute a waiver of any other power or right or of the same power or right on a future date. Failure of either Party to enforce any term of this Deed shall not constitute waiver of such term or any other term.
(g) 555588852558: 52 522 252888822 25 2252 22 2588 8225 88 5285 22 82 5222225825882, 2522 2588 8225 8888 82 522225 5222525 22 252 252222 228288552 22 522525 252 225258882 5222225825882 252888822, 525 252 5282 22 252 8225, 85885 525 22225825882. 52 5 82552 52888228 22 52225 2588 8225 58 25288525 525282, 252 8285885822 25 5222225825888822 22 522 252888822 22 2588 8225 85588 222 522282 252 85885822 25 22225825888822 22 252 522582822 22528 525 2528888228, 85885 85588 82 22225825 58 82 252 222225822 2252 25 252888822 555 222 8222 82885525 82 2588 8225.
(h) 585585 828552585: 52 52852822 22 252 8582282 252225 22 2588 8225, 2588 8225 82282825228 252 222852 525222222 8228222 252 2552828 525 8522582528 522 25825 25 822222225522258 52525825258228, 8522525 8582222 25 2558.
(i) COUNTERPARTS: This Deed may be executed in counterparts, all of which shall constitute a single agreement. If the dates set forth at the end of this document are different, this Deed is to be considered effective as of the date that both Parties have signed the agreement, which may be the later date.
(j) FORCE MAJEURE/EXCUSE: Neither Party is liable to the other for any failure to perform due to causes beyond its reasonable control including, but not limited to, acts of God, acts of civil authorities, acts of military authorities, riots, embargoes, acts of nature and natural disasters, and other acts which may be due to unforeseen circumstances.
(k) FURTHER ACTS: Each Party must, and must ensure that its directors, employees, officers, agents, representatives and contractors do all things and sign, execute and deliver all documents, agreements and instruments as reasonably required in order to give effect to this Deed and to the rights and obligations of the Parties created under this Deed.
EXECUTED AS A DEED THIS ________
Signed sealed and delivered by ________ in accordance with s127 of the Corporations Act 2001 (Cth) by:
___________________________________
Signature of first director
____________________________________
Name of first director
___________________________________
Signature of second director
____________________________________
Name of second director
Signed Sealed and Delivered by ________:
____________________________________
________
In the presence of:
____________________________________
Witness Signature
____________________________________
Witness Name
____________________________________
Witness Occupation
____________________________________
____________________________________
Witness Address
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