Resolution Agreement
RESOLUTION AGREEMENT
1. Parties
The Artist, Mr. Bryan Hills, residing at 123 Aspen Way, San Francisco, CA 94000, and the Collector, Mr. Carl Smith, residing at 456 Sapphire Drive, Los Angeles, CA 90000, collectively referred to as "the Parties".
2. Dispute Description
The present dispute involves the ownership of the artwork titled "Sunset Serenity” which was created by the Artist and purchased by the Collector. A disagreement has arisen concerning the financial terms of the said purchase.
3. Terms of Resolution
The Parties have agreed to the following terms and conditions for the purpose of resolving the current dispute:
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Ownership: The Collector, Carl Smith, will retain the ownership of "Sunset Serenity".
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Financial Settlement: The Collector agrees to pay a sum of $20,000 to the Artist as a final settlement.
4. Mutual Release
Upon execution of this Agreement, the Parties mutually release each other, their agents, representatives, and assignees from all claims, obligations, and liabilities connected with the dispute or this Agreement.
5. No Admission of Liability
This Agreement is entered voluntarily by both Parties for settlement purposes only. No Party acknowledges any wrongdoing, defect, or liability to the other Party by entering into this Agreement.
6. Confidentiality
The Parties agree to keep the details of the dispute and this Agreement strictly confidential, unless required by law to disclose.
7. Governing Law
This Agreement shall be governed by and interpreted under the laws of the State of California.
8. Signatures
This Agreement becomes effective upon signing and dating by both Parties.
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Bryan Hills (Artist)
Date: January 10, 2050
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Carl Smith (Collector)
Date: January 10, 2050
