Release by Partnership Clause Samples
The 'Release by Partnership' clause serves to formally discharge certain parties from liability or claims related to the partnership's activities. In practice, this clause typically specifies that the partnership, or its partners, agree not to pursue legal action or claims against specified individuals or entities, often in connection with the dissolution of the partnership, settlement of disputes, or completion of specific transactions. Its core function is to provide legal certainty and finality by preventing future disputes or claims over matters that have been resolved, thereby reducing ongoing risk and potential litigation for the released parties.
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Release by Partnership. On the resignation or removal of the General Partner, the Partnership will release and hold harmless the General Partner resigning or being removed, from any costs, expenses, damages or liabilities suffered or incurred by the General Partner as a result of or arising out of events which occur in relation to the Partnership after that resignation or removal.
Release by Partnership. ▇▇▇▇▇▇ LP will release and hold harmless the General Partner from any costs, expenses, damages or liabilities suffered or incurred by the General Partner as a result of or arising out of events which occur in relation to Willow LP upon the effective date of such resignation and any date thereafter (but for greater certainty not in respect of any events which occurred prior to such resignation).
Release by Partnership. On the resignation or removal of the REIT GP, the Partnership will release and hold harmless the REIT GP resigning or being removed, from any costs, expenses, damages or liabilities suffered or incurred by the REIT GP as a result of or arising out of events which occur in relation to the Partnership after that resignation or removal.
Release by Partnership. On the removal or voluntary withdrawal of the Partnership GP, the Partnership will release and hold harmless the Partnership GP being removed or voluntarily withdrawing from any costs, expenses, damages or liabilities suffered or incurred by the Partnership GP as a result of or arising out of events which occur in relation to the Partnership after such removal or voluntary withdrawal.