Compensation Settlement Agreement
This Settlement Agreement ("Agreement") is made and entered into by and between [EMPLOYEE NAME] (hereinafter referred to as "Employee") and [COMPANY NAME], a [COMPANY TYPE] corporation (hereinafter referred to as "Employer"). This Agreement outlines the terms and conditions agreed upon by both parties with regard to the Employee's compensation claim.
I. GENERAL INFORMATION
a. Effective Date: [EFFECTIVE DATE] b. Parties Involved:
Employee: [EMPLOYEE NAME]
Employer: [COMPANY NAME], [COMPANY ADDRESS]
II. TERMS OF SETTLEMENT
The following terms are agreed by both parties:
Total Compensation Amount: [TOTAL COMPENSATION AMOUNT]
Mode of Payment:
Lump sum, via [METHOD]
Instalments, as detailed below:
First instalment: [FIRST INSTALMENT AMOUNT] due on [DUE DATE OF FIRST INSTALMENT]
Subsequent instalment(s) of [SUBSEQUENT INSTALMENT AMOUNT] each, due every [PAYMENT FREQUENCY]
Final settlement date: [FINAL SETTLEMENT DATE]
III. CONFIDENTIALITY
Both parties agree to keep the terms of this Agreement and the circumstances of this settlement strictly confidential unless disclosure is required by law or agreed upon in writing by both parties.
IV. NON-ADMISSION OF LIABILITY
Both parties acknowledge that this Agreement is not an admission of liability on the part of the Employer and is intended to avoid litigation and buy peace.
V. OTHER PROVISIONS
Additional clauses unique to this particular compensation may be added here, such as:
Non-compete clauses
Non-disparagement clauses
Return of property provision
VI. SIGNATURES
This Agreement is executed on the effective date mentioned above and is legally binding upon signature by both parties.
[EMPLOYEE NAME]
[DATE]
[EMPLOYER REPRESENTATIVE NAME]
[DATE]
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