Common use of Civil Code § 1542 Clause in Contracts

Civil Code § 1542. Each Releasor expressly waives the benefits of any statutory provision or common law rule that provides, in sum or substance, that a release does not extend to claims which the party does not know or suspect to exist in its favor at the time of executing the release, which if known by it, would have materially affected its settlement with the other party. In particular but without limitation, each Releasor (a) represents, warrants and acknowledges that such Releasor has been fully advised by its attorney of the contents of Section 1542 of the Civil Code of the State of California, and (b) hereby expressly waives the benefits thereof and any rights such Releasoror any of such Releasor’s Associated Parties may have thereunder. Section 1542 of the Civil Code of the State of California provides as follows: Each Releasor also hereby waives the benefits of, and any rights such Releasor or any of such Releasor’s Associated Parties may have under, any statute or common law principle of similar effect in any jurisdiction.