Draft Settlement Agreement
Draft Settlement Agreement
I. Preliminary Information
This Settlement Agreement ("Agreement") is entered into by and between [YOUR COMPANY NAME] ("Company") and [OTHER PARTY’S COMPANY NAME] ("Other Party"), collectively referred to as the "Parties".
DATE OF AGREEMENT: [DATE]
EFFECTIVE DATE: [EFFECTIVE DATE]
II. Recitals
The Parties wish to resolve certain disputes and matters as described herein. By executing this Agreement, both Parties agree to settle these disputes under the terms set forth below.
III. Settlement Terms
SETTLEMENT AMOUNT: [YOUR COMPANY NAME] agrees to pay [OTHER PARTY’S COMPANY NAME] the total amount of [SETTLEMENT AMOUNT].
PAYMENT TERMS:
Initial Payment of [AMOUNT] due on [DATE].
Remaining balance to be paid in [NUMBER] installments of [AMOUNT] each, due on the [DAY] of each month starting [START MONTH].
CONFIDENTIALITY: Both Parties agree to keep the terms of this Agreement, and the circumstances surrounding it, strictly confidential.
IV. Release of Claims
Upon the execution of this Agreement and the receipt of the settlement amount specified in Section III, [OTHER PARTY’S COMPANY NAME] agrees to release [YOUR COMPANY NAME] from any and all claims, both known and unknown, that have arisen or may arise out of the matters described in this Agreement.
V. Representations and Warranties
Each party represents and warrants that they have the full power and authority to enter into this Agreement and that this Agreement constitutes a valid and legally binding obligation, enforceable in accordance with its terms.
VI. Miscellaneous
GOVERNING LAW: This Agreement shall be governed by and construed in accordance with the laws of the State of [STATE].
ENTIRE AGREEMENT: This document represents the entire agreement between the Parties and supersedes all prior discussions, agreements, or understandings of any kind.
AMENDMENTS: Any amendments to this Agreement must be in writing and signed by both Parties.
VII. Signature
By signing below, both Parties agree to the terms of this Settlement Agreement.
[YOUR COMPANY NAME]
[DATE]
[OTHER PARTY’S COMPANY NAME]
[DATE]
