Settlement Contract Agreement
I. Introduction
This Settlement Contract Agreement (“Agreement”) is made and entered into on this 19th day of June, 2050, by and between:
[Your Company Name], a corporation registered under the laws of the State of California, with its principal office located at [Your Company Address], represented by [Your Name], Chief Legal Officer (“Party A”).
DiaLight, a corporation registered under the laws of the State of California, with its principal office located at Sacramento, CA 94203, represented by Kitty Johns, Chief Executive Officer (“Party B”).
The parties mutually agree to resolve any and all disputes, claims, and matters arising between them as set forth in this Agreement. This settlement is intended to resolve outstanding issues without the need for further litigation or arbitration.
II. Recitals
WHEREAS, Party A and Party B have been involved in negotiations and discussions regarding a potential dispute that has arisen from prior business dealings;
WHEREAS, Party A and Party B desire to amicably resolve the matters at hand, including any claims, demands, and causes of action, through this settlement;
NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, the parties agree as follows:
III. Settlement Payment
1. Settlement Amount
In full and final settlement of all claims between the parties, Party A agrees to pay Party B the amount of $100,000 (the “Settlement Amount”).
2. Payment Schedule
The Settlement Amount shall be paid in the following installments:
$50,000 on or before 15th July, 2050.
$50,000 on or before 15th August, 2050.
The payments will be made via bank wire transfer to Party B’s designated account or any other mutually agreed method of payment.
3. Full and Final Settlement
Upon the receipt of the full Settlement Amount, Party B agrees to release Party A from all claims, damages, and liabilities arising from the matter at hand, and this Agreement shall be considered a full and final settlement.
IV. Release of Claims
1. Release by Party A
Upon execution of this Agreement and payment of the Settlement Amount, Party A releases and forever discharges Party B, its affiliates, officers, directors, employees, and agents from any and all claims, demands, actions, or causes of action arising out of or related to the dispute addressed in this Agreement.
2. Release by Party B
Upon execution of this Agreement and receipt of the Settlement Amount, Party B releases and forever discharges Party A, its affiliates, officers, directors, employees, and agents from any and all claims, demands, actions, or causes of action arising out of or related to the dispute addressed in this Agreement.
V. No Admission of Liability
The parties acknowledge that this Agreement is entered into as a compromise to avoid the costs and uncertainties of litigation. Neither party admits liability for any claims, and this settlement does not constitute an admission of wrongdoing by either party.
VI. Confidentiality
1. Confidentiality of Terms
The terms and conditions of this Agreement, including the Settlement Amount, shall remain confidential and shall not be disclosed to any third party, except as required by law, or to any professional advisors, without prior written consent of the other party.
2. Non-Disclosure Obligations
Both parties agree not to disclose or discuss the details of this settlement or the dispute with any individual or entity, except as stated above.
VII. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to its conflict of law principles. Any disputes arising under this Agreement shall be resolved in the courts located in Sacramento, CA.
VIII. Miscellaneous Provisions
1. Entire Agreement
This Agreement constitutes the entire understanding between the parties with respect to the subject matter hereof and supersedes all prior negotiations, discussions, and agreements, whether oral or written.
2. Amendments
Any amendments or modifications to this Agreement must be made in writing and signed by authorized representatives of both parties.
3. Severability
If any provision of this Agreement is held to be invalid, illegal, or unenforceable by a court of competent jurisdiction, the remainder of the Agreement shall remain in full force and effect.
4. No Further Claims
Upon execution of this Agreement and the payment of the Settlement Amount, both parties agree that they shall have no further claims, demands, or actions against each other relating to the dispute addressed herein.
IX. Signatures
IN WITNESS WHEREOF, the parties have executed this Settlement Contract Agreement as of the 19th day of June, 2050.
[Your Company Name]
[Your Name], Chief Legal Officer
Date: 19th June, 2050
DiaLight
Kitty Johns, Chief Executive Officer
Date: 19th June, 2050
For further information, please contact [Your Name] at [Your Email], or reach out to [Your Company Name] at [Your Company Email].
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