A covenant not to execute "is a promise not to enforce a right of action or execute a judgment when one had such a right at the time of entering into the agreement." 76 C.J.S. Release 4 (1994). It is merely a contract and not a release. Id. A covenant not to execute is distinguishable from a covenant not to sue in that the former is normally executed when a settlement occurs after the filing of a lawsuit, while the latter is entered into before a lawsuit is filed. Id. South Carolina courts have recognized the distinctions between a release, a covenant not to sue, and a covenant not to execute. In Poston by Poston v. Barnes, 294 S.C. 261, 363 S.E.2d 888 (1987), the Supreme Court explained: Other jurisdictions hold that a Covenant Not To Execute is not a satisfaction or a release and that its legal effect is similar to that of a Covenant Not To Sue because it does not operate to release other joint tortfeasors. A Covenant Not To Execute is a promise not to enforce a right of action or execute a judgment when one had such a right at the time of entering into the agreement. A Covenant Not to Sue and a Covenant Not to Execute are so closely akin that a major distinguishing factor is that the latter is normally executed when a settlement occurs after the filing of a lawsuit, while the former is entered into before a lawsuit is filed. In South Carolina when a Covenant Not To Sue has been entered into, usually the covenanting tortfeasor is no longer a party to the litigation. (Poston, 294 S.C. at 263-64, 363 S.E.2d at 889-90.)