SETTLEMENT AND RELEASE AGREEMENT
_____________________________________________________________________________________
This Settlement and Release Agreement (the "Agreement") is entered into as of this 6th of May, 2050, (the “Effective Date”), by and between PARTY A (the "Releasor") and PARTY B (the "Releasee") collectively referred to as the "Parties".
_____________________________________________________________________________________
RECITALS
WHEREAS, a dispute has arisen between the Parties regarding the delivery of goods and services according to the agreement dated May 6th, 2050, specifically related to delayed delivery and quality issues;
AND WHEREAS, the Parties wish to resolve this dispute without the necessity of litigation or further legal proceedings;
NOW, THEREFORE, in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
_____________________________________________________________________________________
1. RELEASE OF CLAIMS
1.1 Release of Parties: The Releasor, for itself and its successors, assigns, and legal representatives, hereby releases and forever discharges the Releasee, its affiliates, successors, assigns, agents, directors, and employees.
1.2 Scope of Release: This release encompasses all manner of actions, causes of action, suits, debts, dues, accounts, bonds, covenants, contracts, agreements, judgments, claims, and demands, whatsoever in law or equity, which the Releasor ever had, now has, or hereafter can, shall, or may have for or because of any matter, cause, or thing whatsoever arising out of the aforementioned dispute.
1.3 Waiver of Claims: The Releasor acknowledges that by signing this Agreement, they waive any claims against the Releasee arising from the aforementioned dispute, regardless of whether such claims are presently known or unknown.
_____________________________________________________________________________________
2. CONSIDERATION
2.1 Payment Terms: In consideration for this release, the Releasee agrees to pay the Releasor the sum of $100,000 (One Hundred Thousand Dollars), to be paid within 30 days of the Effective Date of this Agreement.
2.2 Absence of Representations: The Releasor acknowledges that no promises, representations, or warranties have been made by the Releasee as to the moral or legal weight of the claim being released. This payment serves as compensation for the release of claims and does not imply an admission of liability by the Releasee.
_____________________________________________________________________________________
3. CONFIDENTIALITY
3.1 Confidentiality Obligations: The Parties agree that the terms and conditions of this Agreement shall remain strictly confidential. Each Party agrees not to disclose any information regarding the terms of this Agreement to anyone other than their legal or financial advisors.
3.2 Exceptions to Confidentiality: The confidentiality obligations herein shall not apply to disclosures required by law or order by a court of competent jurisdiction. However, the disclosing Party shall provide prompt notice to the other Party of any such disclosure to allow for appropriate protective measures.
_____________________________________________________________________________________
4. NON-DISPLACEMENT
4.1 Prohibition of Disparagement: Each Party agrees not to disparage, encourage, or induce others to disparage the other Party. The term “disparage” includes, without limitation, comments or statements to the press, to the Parties’ employees, or any individual, company, or customer relating to the other Party, or the other Party’s business or any of its officers or directors in their capacity as such, that could be reasonably expected to damage the Party.
4.2 Preservation of Reputation: Both Parties acknowledge the importance of preserving their respective reputations and agree to refrain from engaging in any behavior that could tarnish the other Party's reputation or business interests.
_____________________________________________________________________________________
5. ACKNOWLEDGMENT OF AGREEMENT
5.1 Entire Agreement: This Agreement expresses the complete agreement of the Parties concerning the subject matter hereof and supersedes all prior or contemporaneous oral or written agreements, understandings, or representations.
5.2 No Modifications Unless in Writing: No modification, amendment, or waiver of any provision of this Agreement shall be effective unless in writing and signed by both Parties. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute the same instrument.
IN WITNESS WHEREOF, the Parties have executed the Settlement And Release Agreement as of the Effective Date.
[Your Name]
[Date Signed]
[Your Company Name], if applicable
[Releasee's Name]
[Date Signed]
____________________________________________________________________________________
Agreement Templates @ Template.net
