Release, Waiver, and Quitclaim (One-Way)

What is a Release, Waiver, and Quitclaim?

A Release, Waiver, and Quitclaim is used when one party (the "Releasor") is releasing another party (the "Released") from any liability or obligations connected to or arising from a specific transaction. This is usually given by the Releasor to settle a dispute between the Parties, such as when the Releasor is alleging that the Released is liable to the Releasor for some reason, out of a Court of law.

Without actually admitting any liability, a Release, Waiver, and Quitclaim, signed by the Releasor releases the Released from all relevant liabilities connected to the specific transaction for which the Release, Waiver, and Quitclaim was signed. In return, the Released may agree to provide some kind of compensation to the Releasor. This compensation is usually in the form of money but other goods and services may also be used as compensation.

Once a Release, Waiver, and Quitclaim is signed by the Releasor, the Releasor can take no further action against the Released, in connection to the specific transaction. This means that the Releasor is giving up his right to file or initiate a case in a court of law concerning the matters stated under the Release, Waiver, and Quitclaim.

What are the different types of Quitclaims?

The following are the different types of Quitclaims:

• Release, Waiver, and Quitclaim (One-Way). This is used when one party (the "Releasor") is releasing another party (the "Released") from any liability or obligations connected to or arising from a specific transaction. This is used in situations other than for employment resignation.
• Mutual Release, Waiver, and Quitclaim. This is used when both the releasor and the released are releasing each other from any liability or obligations connected to or arising from a specific incident. This is also used in situations other than for employment resignation.
• Affidavit of Release, Waiver, and Quitclaim for Employment. This is used when the employee has resigned from employment and the employee agrees not to pursue any claim against the employer due to the fact of his resignation.

Is it mandatory to have a Release, Waiver, and Quitclaim?

There is no legal requirement to have a Release, Waiver, and Quitclaim but this will serve as a protection on the part of the Released against possible claims that the Releasor may bring to the courts against the Released by reason of the transactions or dealings between the Releasor and the Released.

What must a Release, Waiver, and Quitclaim contain?

A Release, Waiver, and Quitclaim should contain the following information:

• The identity of the Releasor and the Released,
• The consideration that will be received by the Releasor if any, and
• The circumstances that require the Release, Waiver, and Quitclaim.

Who is involved in a Release, Waiver, and Quitclaim?

The Releasor must sign a Release, Waiver, and Quitclaim. Note that the Releasor must be of legal age to be able to sign the document. Note further that two witnesses must also sign this Release, Waiver, and Quitclaim.

What has to be done once a Release, Waiver, and Quitclaim is ready?

Once the document is completed, the Releasor should read the document and sign all original copies of the document. The witnesses should also sign all the original copies of the document.

• If the document will not be notarized, at least two original copies of the document should be printed. One original copy should be given to the Releasor and the other should be given to the Released.
• If the document will be notarized, at least three original copies of the document should be printed, then the Releasor should bring all the original copies of the document together with his competent proof of identification to the notary public to acknowledge the execution of the document. The notary public will then affix his notarial seal on all copies of the document and keep one original copy of the document. The Releasor and the Released will keep one original copy for each, and the last one will be kept by the notary public.

To notarize a document, the Releasor and the two witnesses must personally appear before a notary public to acknowledge that they have voluntarily signed the document and that they signed the document as their free and voluntary act and deed. The principal must also present competent proof of identification that was issued by an official agency bearing the photograph and signature of the principal.

Which documents should be attached to a Release, Waiver, and Quitclaim?

If a representative will sign for the Releasor the following should be attached:

• If the Releasor is an individual: a Special Power of Attorney may be attached for the representative to be able to sign on behalf of the individual.
• If the Releasor is a partnership: then a partner's certificate must be attached.
• If the Releasor is a corporation: then a secretary's certificate must be attached.

Is it necessary to notarize a Release, Waiver, and Quitclaim for it to be valid?

No, a Release, Waiver, and Quitclaim is valid even though it is not notarized. It is recommended to notarize a Release, Waiver, and Quitclaim if the Released wants added protection of their rights. This way, the Release, Waiver, and Quitclaim can easily be used as evidence if the parties go to court due to a dispute concerning acts involved in the Release, Waiver, and Quitclaim.

Is it necessary to have witnesses for a Release, Waiver, and Quitclaim?

Yes, there should be two witnesses to the execution of the document who must also affix their signature thereon, and if the Release, Waiver, and Quitclaim will be notarized, it should be signed by the witnesses in the presence of a notary public. Thus, the Releasor should go to a notary public (with at least three copies of the document to swear an oath to the truth of the statements contained in the Affidavit of Release, Waiver, and Quitclaim. Only then can the Releasor, together with the two witnesses sign the Affidavit of Release, Waiver, and Quitclaim.

What are the costs involved in the finalization of a Release, Waiver, and Quitclaim?

Notarization fees for a Release, Waiver, and Quitclaim are typically PHP100 to PHP500.

Which laws are applicable to a Release, Waiver, and Quitclaim?

There are no laws that apply specifically to a Release, Waiver, and Quitclaim however, the general laws on obligations found in the Civil Code of the Philippines may apply. Further, acknowledgments are governed by the 2004 Rules on Notarial Practice. It should also be noted that making untruthful statements in a notarized document may be punishable under the Revised Penal Code of the Philippines.

How to modify the template?

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.