Settlement Agreement Resolves disputes without litigation, specifying terms and conditions for resolution.
1.1. Dispute
WHEREAS, a dispute (the "Dispute") has arisen between Anderson and Roberts concerning specific matters and transactions;
1.2. Purpose
WHEREAS, the Parties, each in consideration of the promises and obligations herein, wish to settle, resolve, and extinguish all claims, actions, debts, and liabilities related to the Dispute;
NOW THEREFORE, in consideration of the mutual covenants and promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which is acknowledged by each Party, the Parties agree as follows:
2.1. Settlement Amount
In full and final settlement of the Dispute, Roberts shall pay Anderson the total sum of [Settlement Amount] United States Dollars (USD) (the "Settlement Amount").
2.2. Payment Schedule
The Settlement Amount shall be payable in [Number of Installments] equal installments of [Installment Amount] USD each, with the first installment due on [First Installment Date] and subsequent installments due on the [nth] day of each month following until the Settlement Amount is paid in full.
2.3. Manner of Payment
All payments made pursuant to this Agreement shall be made either by certified check, bank check, or wire transfer.
2.4. Default
If Roberts fails to make any installment payment when due, the entire unpaid balance of the Settlement Amount shall become immediately due and payable in full, at Anderson's sole discretion.
3.1. Mutual Release
Upon the execution of this Agreement and the receipt of the first installment payment, each Party, on behalf of itself and its respective heirs, successors, assigns, agents, and representatives, does hereby release, waive, and forever discharge the other Party, and its respective heirs, successors, assigns, agents, and representatives, from any and all claims, demands, causes of action, damages, losses, fees, or liabilities of any kind or nature whatsoever, whether known or unknown, suspected or unsuspected, which have arisen, or may arise, by reason of the Dispute, including without limitation, any legal costs, fees and expenses incurred in connection therewith.
3.2. No Admission of Liability
The Parties acknowledge and agree that the terms and conditions of this Agreement do not constitute, and shall not be construed as, an admission of liability or wrongdoing on the part of either Party, and that the matters settled hereby are in dispute.
4.1. Confidentiality Obligation
The Parties agree that the terms and conditions of this Agreement, and all communications relating to the negotiation, execution, and performance hereof, shall be and remain confidential. Neither Party shall reveal any details of these matters to any third party, except (a) as required by law, (b) to enforce the terms of this Agreement, (c) to the Parties' respective attorneys, accountants, or other professional advisors bound by professional confidentiality obligations, or (d) to the extent such information becomes generally known or available through no fault of either Party.
4.2. Breach of Confidentiality
In the event of a breach or threatened breach of this Section 4, the non-breaching Party shall be entitled to seek specific performance and injunctive or other equitable relief to enforce the provisions of this Section, in addition to any other remedies available at law or in equity.
Each Party represents and warrants to the other Party that: (a) it has full power and authority to enter into and fully perform its obligations under this Agreement; (b) it has not assigned, transferred, or otherwise encumbered any rights or claims related to the Dispute that would conflict with the provisions of this Agreement; and (c) it has fully read and understood the terms of this Agreement and has had the opportunity to consult with legal counsel of its choice prior to signing.
This Agreement shall be governed by, construed, and enforced in accordance with the laws of the United States and the laws of the state of [Governing State], without regard to conflicts of law principles. Any legal action or proceeding arising out of or relating to this Agreement shall be brought exclusively in the state or federal courts located in [Governing State], and the Parties hereby irrevocably consent to the personal and exclusive jurisdiction and venue of such courts.
7.1. Entire Agreement
This Agreement constitutes the entire understanding of the Parties with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, and negotiations, whether written or oral. There are no representations, warranties, or agreements related hereto, except as expressly set forth herein.
7.2. Amendment
This Agreement may be amended or modified only in writing, signed by both Parties.
7.3. Severability
If any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect, such provision shall be modified to the minimum extent necessary to render it enforceable, or if incapable of such modification, shall be severed from this Agreement, and the remaining provisions hereof shall remain in full force and effect.
7.4. Counterparts
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument and shall become effective when one or more counterparts have been signed by each Party and delivered to the other Party.
In this Settlement Agreement, you will see the following sections:
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