Common use of Known and Unknown Claims Clause in Contracts

Known and Unknown Claims. Each Party, on behalf of itself and its Subsidiaries, 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 that the Party does not know or expect 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 Party expressly waives the provisions of California Civil Code § 1542, which reads: