Breach Of Contract Settlement Agreement
Introduction
This Breach of Contract Settlement Agreement (the "Agreement") is entered into as of [DATE], by and between [PARTY A NAME], located at [ADDRESS], referred to herein as "Party A", and [PARTY B NAME], located at [ADDRESS], referred to herein as "Party B".
Recitals
WHEREAS, Party A and Party B entered into a contract on [ORIGINAL CONTRACT DATE] (the "Original Contract"), for [BRIEF DESCRIPTION OF ORIGINAL CONTRACT PURPOSE];
AND WHEREAS, an alleged breach of contract has occurred, where [BRIEF DESCRIPTION OF THE BREACH];
AND WHEREAS, Party A and Party B wish to settle the claims arising from the alleged breach without resorting to litigation;
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
Agreement Terms
1. Description of Breach
Party A contends that Party B failed to [SPECIFY BREACH DETAILS], which constitutes a breach of the Original Contract dated [ORIGINAL CONTRACT DATE]. Party B disputes these claims and denies any wrongdoing.
2. Settlement Amount
As a settlement of any and all claims arising from the alleged breach and in full resolution of any disputes under the Original Contract, Party B shall pay Party A a settlement amount of [$SETTLEMENT AMOUNT].
3. Payment Terms
The settlement amount shall be paid in full within [NUMBER OF DAYS] days from the effective date of this Agreement by [SPECIFY METHOD OF PAYMENT]. Failure to make timely payment will result in additional interest at a rate of [INTEREST RATE] % per annum.
4. Release of Claims
Upon receipt of the settlement payment, Party A agrees to release and forever discharge Party B from all claims, liabilities, actions, demands, damages, and costs arising out of or in connection with the Original Contract and the alleged breach.
5. Confidentiality
Both parties agree that the terms and existence of this Agreement will remain confidential, and neither party shall disclose any information regarding this Agreement to any third party except as required by law or to their legal or financial advisors under the same conditions of confidentiality.
6. Non-Admission of Liability
This Agreement is not to be construed as an admission of liability on the part of either Party. Both parties enter into this settlement to avoid the burdens and expenses of litigation and agree that this Agreement resolves all disputed claims between them.
7. Miscellaneous
Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of [STATE NAME].
Entire Agreement: This document constitutes the entire agreement between the parties regarding its subject matter and supersedes all prior agreements and understandings, both written and oral.
Amendment: No modification of or amendment to this Agreement will be effective unless in writing and signed by both parties.
Severability: If any term or provision of this Agreement is found by a court of competent jurisdiction to be invalid, illegal, or otherwise unenforceable, the same shall not affect the other terms or provisions hereof or the whole of this Agreement, but such term or provision shall be deemed modified to the extent necessary in the court’s opinion to render such term or provision enforceable.
Signatures
[PARTY A NAME]
Date: [DATE]
[PARTY B NAME]
Date: [DATE]
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