Legal Question in Business Law in California
Releasing Liability of a Limited Partnership
I have an agreement and I'm concerned because of the way it is written. My issue is negligence on the part of the builder of my new condo that caused damage to my new carpet.The builders name isn't listed anywhere on the agreement. Following is the text of the proposed agreement I am being requested to sign. ''By signing below, x agrees to accept from x L.P. the amount of x as settlement in full for any and all issues, claims, damages, including attorneys fees and costs, or liablitity, including any associated labor or damage under Ca. Civil Code Sec. 944, related to the replacement of carpeting or any matter arising out of the same at her home at x. This final settlement payment constitutes a full waiver of and release of liablitiy of x L.P. by x for any and all of the above described issues, claims, damages or liability she may have or desire to assert against x L.P. x also acknowledges that by accepting this final settlement payment she will make no further request, demands or claims against x L.P for the matters in the paragraph above. My concern is that I don't know what interests are under the L.P.even if the builder is and if I have construction issues or warranty problems down the road I don't want to sign away my recourse
2 Answers from Attorneys
Re: Releasing Liability of a Limited Partnership
do not, don't, stop and drop that pen and take the original contract and this unsigned document to an attory as i assume you did not get the adive of an attorney as to the original agreement, and get his/her adivce. they should have expetise in real estate/ construction litigation to help you the most don't do something stupid and give away your rights.
Re: Releasing Liability of a Limited Partnership
Parties release one another all the time, and it usually works out well when they understand what they are signing and the settlement has been openly negotiated with everyone's participation, eyes wide open.
Settelments and releases can be unfair and have painful consequences when they are generated by one party and forced upon the other with that other having no opportunity to negotiate the terms of the settlement and little or no bargaining power or professional advice.
Keep in mind that the California Civil Code, section 1542, says, "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor."
This gives you some protection. Be EXTRA careful if anything you're asked to sign contains a waiver of this provision!
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