Settlement Agreement Between Two Parties
This Settlement Agreement ("Agreement") is entered into on this 15th day of December, 2064, by and between [YOUR COMPANY NAME], with its principal office located at [YOUR COMPANY ADDRESS] ("Party One"), and Duofort, with its principal office located at Portland, OR 97201 ("Party Two"). Party One and Party Two may collectively be referred to as the "Parties" and individually as a "Party."
RECITALS
WHEREAS, a dispute has arisen between the Parties relating to a breach of contract for software development services under an agreement executed on March 2, 2062, which has resulted in litigation filed in the District Court of Oregon on September 14, 2064; and
WHEREAS, the Parties wish to resolve the dispute and avoid the costs and uncertainties of further litigation, the Parties have agreed to settle their dispute under the terms set forth in this Agreement.
TERMS AND CONDITIONS
SETTLEMENT PAYMENT: Party One agrees to pay Party Two the total sum of $500,000.00 in full settlement of any claims arising from the dispute. The payment will be made in the following manner:
A lump sum payment of $250,000.00 on or before January 15, 2065.
The remaining balance of $250,000.00 to be paid in four quarterly installments of $62,500.00 each, beginning on April 15, 2065, and continuing every three months thereafter until the balance is paid in full.
RELEASE OF CLAIMS: Upon receipt of the settlement payment, Party Two agrees to release and discharge Party One from any and all claims, demands, causes of action, damages, and liabilities of any nature, known or unknown, arising out of or relating to the dispute described above.
CONFIDENTIALITY: The Parties agree that the terms of this Agreement and any discussions or negotiations related to the dispute will remain confidential and not be disclosed to any third party, except as required by law or for the enforcement of this Agreement.
NO ADMISSION OF LIABILITY: The Parties acknowledge that this Agreement is being entered into solely for the purpose of resolving the dispute and that neither Party is admitting to any wrongdoing or liability. This Agreement shall not be construed as an admission of liability or fault by either Party.
NON-DISPARAGEMENT: The Parties agree that they will not make any disparaging, defamatory, or harmful statements regarding the other Party, its employees, officers, or affiliates, whether in public or private, during the term of this Agreement and thereafter.
GOVERNING LAW: This Agreement shall be governed by, and construed in accordance with, the laws of the state of Oregon, without regard to its conflict of laws principles.
ENTIRE AGREEMENT: This Agreement constitutes the entire understanding between the Parties with respect to the subject matter hereof and supersedes any prior agreements, whether written or oral, relating to the dispute.
DISPUTE RESOLUTION: In the event of any dispute or disagreement arising out of this Agreement, the Parties agree to submit to arbitration under the rules of the American Arbitration Association. Any award or decision rendered shall be binding and final.
SEVERABILITY: If any provision of this Agreement is found to be invalid, illegal, or unenforceable, the remainder of the Agreement shall remain in full force and effect.
EXECUTION: This Agreement is executed by the Parties as of the date first above written.
SIGNATURES
By signing below, the Parties acknowledge that they have read, understood, and agreed to the terms of this Agreement.
For [YOUR COMPANY NAME]:
By: [YOUR NAME]
Title: Chief Executive Officer
Date: December 15, 2064
For Duofort:
By: Floyd Cremin
Title: Chief Operating Officer
Date: December 15, 2064
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