Common use of Waiver of Civil Code Section 1542 Clause in Contracts

Waiver of Civil Code Section 1542. The Company and the Executive each understand and agree that the releases provided herein extend to all claims of every nature and kind, whether known or unknown, suspected or unsuspected. It is expressly understood and agreed that the parties hereby waive the provisions of Section 1542 of the California Civil Code (and any statute or law of similar construction in any other jurisdiction), which provides as follows: 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.