What is Relinquishment Deed? Draft a Specimen Deed of release between two partners on Dissolution of Partnership.

What is Relinquishment Deed? A release or relinquishment deed is an instrument whereby a person renounces a claim upon another or against any specified property which he is or may be entitled to enforce. It may be deed poll or as a deed to which both the releaser as well as the person in whose favour the release is made are made parties. A release is sometimes called relinquishment. When considered from the point of view of the person in whose favour the transaction operates, it is "release" as it releases him or his property from an obligation or liability. When considered from the point of view of the releaser, it may be said to be a "relinquishment" as the releaser relinquishes a certain right which he has, or may be entitled to enforce. A release must be in writing signed by all the releasers. It can be drafted as a deed poll or as a deed. If it is drafted as a deed then all releasers and all persons having an interest in the claim or property should be made parties. If the release is of a claim under an instrument then it would require attestation, if the instrument required attestation. If the release is required to be registered it should be attested by at least two witnesses. In other cases it may be attested by one witness. If the subject matter of the release is an immovable property the amount of value of which exceeds ₹100, it is compulsorily registrable. The release deed should contain the recitals regarding the origin of the claim, acknowledgement of the releaser about the claim and words and expressions sufficiently clear to covey the intention of the releaser to discharge the claim. DEED OF RELEASE BETWEEN TWO PARTNERS ON DISSOLUTION OF PARTNERSHIP THIS RELEASE is made on the ............ day of.......... BETWEEN X etc., (hereinafter called the 'one party') of the first part AND Y, etc. (hereinafter called the 'other party') of the second part WHEREAS the said X, and Y were carrying on in partnership the business of and the said business was wound up and the partnership dissolved by deed, dated executed by the said parties; AND WHEREAS the winding up of the said business was entrusted to the arbitration of M of and he after realising the debts and calling in the property and assets of the said business and after paying all creditors and liquidating all the liabilities apportioned the shares of the parties, giving to the said X a sum of ₹ and to the said Y the sum of ₹.... AND WHEREAS the parties for mutual safety are desirous of executing this deed of release so that all future disputes in regard to the said partnership or the business may be set at rest. NOW THEREFORE THIS DEED WITNESSES that in pursuance of the said mutual desire the said X hereby releases the said Y and also that the said Y hereby releases the said X from all sums of money, accounts, proceedings, claims and demands whatsoever which either of them at any time had or has up to the date of the said dissolution against the other, in respect of or in relation to the said partnership or the business of the said partnership. IN WITNESS WHEREOF the said X, and the said Y have hereto at signed on the day and the year first above-mentioned Witness 1............ X............ 2............ Y............