Free Board Resolution for Settlement Agreement Template
Board Resolution for Settlement Agreement
I. Introduction
This Board Resolution for Settlement Agreement outlines the approval and terms for settling the dispute between [YOUR COMPANY NAME] and [OPPOSING PARTY NAME]. The settlement has been authorized by the board of directors to resolve legal matters without further litigation.
II. Background of the Dispute
As of August 10, 2050, [YOUR COMPANY NAME] has been involved in a legal dispute with [OPPOSING PARTY NAME] regarding a breach of contract claim. The dispute centers on [brief description of the issue], which resulted in [mention damages or claims].
The board has reviewed all relevant documents, including legal opinions and financial assessments, to determine the best course of action for resolution.
III. Settlement Terms
The board of directors has agreed to settle the dispute under the following terms:
|
Term |
Details |
|---|---|
|
Settlement Amount |
$500,000 |
|
Payment Schedule |
Full payment to be made by November 15, 2050 |
|
Legal Fees |
[YOUR COMPANY NAME] will cover 50% of the legal fees incurred by both parties |
|
Non-disclosure Clause |
Both parties agree to a non-disclosure agreement |
|
Other Conditions |
Acknowledgment of mutual non-liability in the future |
IV. Authorization
The board of directors authorizes the following individuals to execute the settlement agreement on behalf of [YOUR COMPANY NAME]:
-
[Name], Chief Executive Officer
-
[Name], Chief Legal Officer
These individuals are empowered to sign and finalize all documents necessary to implement the settlement agreement and to ensure compliance with the terms outlined above.
V. Payment Terms and Execution
Payment of the agreed settlement amount will be executed as follows:
-
$500,000 will be paid in full to [OPPOSING PARTY NAME] via wire transfer to the following bank account:
-
Bank Name: [Bank Name]
Account Number: [Account Number]
Routing Number: [Routing Number]
SWIFT Code: [SWIFT Code]
Payment Date: November 15, 2050
-
VI. Release of Claims
Upon receipt of the agreed settlement amount, [OPPOSING PARTY NAME] agrees to release [YOUR COMPANY NAME] from all current and future claims, disputes, or lawsuits related to the matter specified in this agreement. Both parties acknowledge that the settlement resolves all outstanding issues concerning the dispute.
VII. Confidentiality
Both parties agree to keep the terms and conditions of this settlement confidential, except as required by law or for purposes of enforcement. Any breach of this confidentiality agreement will result in legal action or financial penalties.
VIII. Conclusion
The Board of Directors of [YOUR COMPANY NAME] hereby resolves to approve the terms of the settlement as outlined above. This resolution will be effective upon signature by the authorized representatives of [YOUR COMPANY NAME] and [OPPOSING PARTY NAME].
Prepared by:
[YOUR NAME]
[YOUR EMAIL]
Date: December 16, 2050
