In most cases, parties are able to agree on the form of release when a settlement has been reached. A recent case confirmed that there is an implied agreement to furnish a release, unless there is an express agreement to the contrary.
In OZ Optics Limited v. Timbercon Inc., 2013 ONSC 6439 (S.C.J.), the parties agreed on a settlement, but were unable to agree on the wording of a release. Justice McNamara held that the case law is clear that where a settlement is reached, it is normally implied that an executed final released will be provided, unless there is an agreement otherwise. In the circumstances, there was no express agreement not to furnish a release. Justice McNamara held that the draft release prepared by the plaintiff was fair, reasonable and reflective of the agreement reached by the parties.