SETTLEMENT AGREEMENT

This SETTLEMENT AGREEMENT (hereinafter referred to as “the Agreement”) is made on [ DATE ON WHICH THE AGREEMENT COMES INTO FORCE] hereinafter referred as the “Effective Date”) between:

[INSERT NAME OF PARTY A], having registered office at [INSERT ADDRESS OF PARTY A] (hereinafter referred as the “Party A”). which expression shall, unless repugnant to the context or meaning thereof, means and includes its legal representatives, executors, administrators and permitted assigns);

And

[INSERT NAME OF PARTY B], having registered office at [INSERT ADDRESS OF PARTY B] (hereinafter referred as the “Party B”). which expression shall, unless repugnant to the context or meaning thereof, means and includes its legal representatives, executors, administrators and permitted assigns);

The “Party A” and the “Party B” shall be collectively referred to as “Parties” and individually as “Party”.

WHEREAS

1. The Parties have a dispute or potential dispute arising from [INSERT THE NATURE OF THE DISPUTE];
2. The Parties desire to resolve their differences and settle the above-mentioned dispute without the necessity of litigation or further legal proceedings;
3. The parties wish to enter into a contract in writing.

NOW, THEREFORE IN CONSIDERATION OF THE MUTUAL PREMISES, THE PARTIES HERETO AGREE AS FOLLOWS:

1. DEFINITIONS
   1. "Party A" shall refer to [INSERT PARTY A FULL NAME], a resident of [INSERT ADDRESS OF PARTY A], with a mailing address at [INSERT EMAIL ADDRESS OF PARTY A].
   2. "Party B" shall refer to [INSERT PARTY B FULL NAME], a resident of [INSERT ADDRESS OF PARTY B], with a mailing address at [INSERT EMAIL ADDRESS OF PARTY B].
   3. "Agreement" shall mean this Settlement Agreement, including any amendments or modifications made in accordance with its terms.
   4. "Dispute" shall mean the [INSERT THE NATURE OF THE DISPUTE BETWEEN THE PARTIES].
   5. "Effective Date" shall mean the date on which this Agreement is fully executed by both Parties.
   6. "Confidential Information" shall mean any information disclosed by one Party to the other Party in connection with the dispute resolution process and settlement negotiations.
   7. "Governing Law" shall mean the laws of [INSERT STATE/COUNTRY OF APPLICABLE LAWS] that govern the interpretation and enforcement of this Agreement.
   8. "Jurisdiction" shall mean the exclusive jurisdiction of the courts located in [INSERT COURT WHICH SHALL HAVE EXCLUSIVE JURISDICTION IN CASEOF DISPUTE BETWEEN THE PARTIES] for any disputes arising from or relating to this Agreement.
2. RELEASE AND WAIVER
   1. Party A, on behalf of themselves, their agents, representatives, heirs, and assigns, hereby releases and waives any and all claims, demands, actions, causes of action, suits, liabilities, damages, costs, or expenses, whether known or unknown, arising out of or related to the aforementioned dispute, against Party B and its agents, representatives, heirs, and assigns.
   2. Party B, on behalf of themselves, their agents, representatives, heirs, and assigns, hereby releases and waives any and all claims, demands, actions, causes of action, suits, liabilities, damages, costs, or expenses, whether known or unknown, arising out of or related to the aforementioned dispute, against Party A and its agents, representatives, heirs, and assigns.
3. PAYMENT AND CONSIDERATION
   1. As full and final settlement of the dispute, Party A agrees to pay Party B the sum of [INSERT SETTLEMENT AMOUNT] within [INSERT NUMBER OF DAYS IN WHICH THE PAYMENT SHOULD ME MADE] days of the execution of this Agreement. Payment shall be made via [INSERT PREFERRED PAYMENT METHOD].
4. CONFIDENTIALITY
   1. The terms of this Agreement, including the fact of settlement, shall be kept strictly confidential by both Parties, except as required by law or legal process.
5. GOVERNING LAW AND JURISDICTION
   1. This Agreement shall be governed by and construed in accordance with the laws of [INSERT STATE/COUNTRY OF APPLICABLE LAWS]. Any disputes arising from or relating to this Agreement shall be subject to the exclusive jurisdiction of the courts of [INSERT COURT WHICH SHALL HAVE EXCLUSIVE JURISDICTION IN CASEOF DISPUTE BETWEEN THE PARTIES].
6. ENTIRE AGREEMENT
   1. This Agreement constitutes the entire agreement between the Parties regarding the subject matter herein and supersedes all prior discussions, negotiations, and agreements, whether oral or written.
7. SEVERABILITY
   1. If any provision of this Agreement is found to be unenforceable or invalid, such provision shall be modified to the extent necessary to render it enforceable, or if that is not possible, severed from this Agreement, and the remainder of this Agreement shall remain in full force and effect.
8. DECLARATION
   1. The parties hereby understand and expressly agree to the provisions laid down in the present agreement and in good faith, undertake that both parties shall follow the terms of this agreement in good conscience in order to secure better growth of both the Parties.

IN WITNESS WHEREOF, the parties, intending to be legally bound, have each executed this agreement as of the effective date.

Signed, sealed and delivered on behalf of the Party A:

Name: [NAME OF PARTY A/SIGNING AUTHORITY AND DESIGNATION]

Signature:

Date: [SIGNING DATE OF PARTY A]

Signed, sealed and delivered on behalf of Party B

Name: [NAME OF PARTY B/SIGNING AUTHORITY AND DESIGNATION]

Signature:

Date: [SIGNING DATE OF PARTY B]