CLAIM SETTLEMENT AGREEMENT

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

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

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

The “Plaintiff” and the “Defendant” together shall be referred to as “Parties” and individually as a “Party”.

WHEREAS:

1. The Plaintiff filed a legal dispute [INSERT THE CASE NO. OF LEGAL DISPUTE] against the Defendant and now wishes to resolve the claims under this agreement.
2. The Parties agree to settle the dispute and all claims related thereto, without any admission of liability or further litigation.
3. The Parties mutually agree to the terms and conditions outlined in this Agreement, which governs the working relationship between the parties.
4. The parties are duly authorized and have the capacity to enter into this agreement.
5. Both the parties affirm to understand the provisions contained herein and in case either party requires clarification as to one or more provisions, either party has had the right to seek clarifications or sought legal guidance.

NOW, THEREFORE, in consideration of the mutual promises contained herein and intending to, be legally bound, the Parties have agreed as follows:

1. DEFINITIONS
   1. “Agreement” refers to this Claim Settlement Agreement, including all schedules, exhibits, and amendments hereto.
   2. ”Plaintiff” refers to the party who filed the legal dispute against the Defendant.
   3. “Defendant” refers to the party against whom the legal dispute or claim was brought.
   4. “Dispute” refers to the legal case between the plaintiff and defendant, identified as [INSERT THE CASE NO. OF LEGAL DISPUTE].
   5. “Settlement Amount” refers to the total amount or reduced amount as agreed upon by both the parties to fully settle the claim.
2. SETTLEMENT AMOUNT
   1. The Parties acknowledge that the claim amount is [INSERT THE CLAIM AMOUNT].
   2. The Parties hereby agree to settle the dispute and all claims associated with it (Hereinafter referred to as “Settlement Amount”)
   3. The Defendant hereby agrees to pay the settlement amount of [INSERT THE SETTLEMENT AMOUNT TO BE AGREED TO PAID BY DEFENDANT] on [INSERT THE DATE ON WHICH DEFENDANT SHALL PAY THE SETTLEMENT AMOUNT] in accordance with the payment schedule set forth herein.
3. PAYMENT SCHEDULE
   1. The defendant agrees to pay the Plaintiff the total settlement amount of [INSERT THE SETTLEMENT AMOUNT TO BE AGREED TO PAID BY DEFENDANT].
   2. The settlement amount shall be paid in [INSERT WHETHER SETTLEMENT AMOUNT SHALL BE PAID IN INSTALLMENTS OR FULL]
   3. The Defendant may prepay the settlement amount before the due date to the Plaintiff.
   4. The payments shall be made through [INSERT THE MODE OF PAYMENT]. The Plaintiff shall provide necessary and accurate details to facilitate the process of Payment.
4. RELEASE OF CLAIMS
   1. Upon Plaintiff’s receipt of the Settlement Amount in full, The Plaintiff, along with any representative who has or may have the right to bring a claim on the Plaintiff's behalf, whether known or unknown (collectively, the "Releasing Parties"), fully and permanently releases and discharges the Defendant, as well as any subsidiaries, related and affiliated entities, predecessors, successors, assigns, current and former directors, insurers, officers, attorneys, agents, employees, members, managers, shareholders, and stockholders, from any and all claims of any kind, whether existing now or that could arise in the future or in any way related to the Dispute.
   2. The Parties explicitly acknowledge and agree that this Agreement, including the releases provided herein, is intended to be as comprehensive and all-encompassing as the law allows.
5. DEFAULT
   1. In the event of any occurrence that may lead to a Default, the entire Settlement Amount shall become immediately due and payable, and Plaintiff shall have the right to pursue any and all legal remedies available.
6. APPLICABLE LAW
   1. This Agreement shall be governed by and constructed in accordance with the Laws, rules, orders and regulations of [INSERT THE COUNTRY WHOSE LAWS SHALL BE APPLICABLE].
   2. The Parties shall resolve all disputes in connection with the validity or interpretation of this Agreement, unless otherwise expressly stated in the Agreement, in the following manner: 
   3. By direct negotiations between the Plaintiff and Defendant. 
   4. If negotiations between the parties are unsuccessful, the matter shall be referred to the competent court sitting at [INSERT THE PLACE THAT SHALL HAVE EXCLUSIVE JURISDICTION IN CASE OF UNSUCCESSFULL NEGOTIATIONS] which shall have exclusive jurisdiction in all matters arising there from unless otherwise agreed between the Parties in writing.
7. 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 Plaintiff

Name: [INSERT THE NAME/DESIGNATION OF SIGNING AUTHORITY OF PLAINTIFF]

Signature:

Date: [INSERT THE DATE ON WHICH PLAINTIFF SIGNS THE AGREEMENT]

Signed, sealed and delivered on behalf of Defendant

Name: [INSERT THE NAME/DESIGNATION OF SIGNING AUTHORITY OF DEFENDANT]

Signature: 

Date: [INSERT THE DATE ON WHICH DEFENDANT SIGNS THE AGREEMENT