In terms of legal text for the drafting of a settlement agreement, specifically the GENERAL RELEASES section, between parties engaged in litigation --- Do the following paragraphs look legally sufficient (correctly worded) for parties who are corporations...and sufficient for state/federal courts?
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency is hereby acknowledged, the Parties hereby agree as follows:
A. Mutual Releases.
(1) The Parties, on behalf of themselves, and all persons or entities claiming by, through or under them, and their respective heirs, successors and assigns, hereby fully, completely and finally waive, release, remise, acquit, and forever discharge and covenant not to sue the other Party nor the Parties respective officers, directors, shareholders, trustees, parent companies, sister companies, affiliates, subsidiaries, successors, representatives, and agents with respect to any and all claims, demands, suits, manner of obligation, debt, liability, tort, covenant, contract, or causes of action of any kind whatsoever, at law or in equity, including without limitation, all claims and causes of action arising out of or in any way relating to the Litigation. The Parties warrant and represent that they have not assigned or otherwise transferred any claim or cause of action released by this Agreement.
(2) The Parties acknowledge and agree that these releases are GENERAL RELEASES. The Parties expressly waive and assume the risk of any and all claims for damages which exist as of this date, but which they do not know or suspect to exist, whether through ignorance, oversight, error, negligence, or otherwise, and which, if known, would materially affect his or her or its decision to enter into this Agreement. The Parties expressly acknowledge that this waiver of claims includes any claims for any alleged fraud, deception, concealment, misrepresentation or any other misconduct of any kind in procuring this Agreement. The Parties specifically do not, however, waive or release any claim that may arise for breach of this Agreement.