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Settlement agreement for court dispute under civil procedures highlighting the settlement amount, settlement date and other settlement terms as a full and final settlement of the dispute.
The Claimant has filed a claim against the Defendant with ("Claim"). This document comes into play where the parties are desirous of settling the matter referred to in this Settlement Agreement amicably the stated terms and conditions. The agreement covers issues on costs and expenses, release and discharge of liabilities, full and final settlement of claims, etc.
The agreement releases the Defendant from discharging liabilities includes liabilities from the past, present and future, and this shall be mutually agreed by both the Claimant and the Defendant. Meaning, after the settlement agreement is concluded, the Defendant no longer holds any obligations, including both on-paper and oral obligations, towards the Claimant due to the agreement they have concluded before the Claim arises.
Confidentiality shall be maintained, parties involved in the settlement agreement are required not to disclose any of the details to any other third parties other than for the purpose of enforcement. It shall also be noted that, however, assignees and successors in title of the parties shall be bound to this agreement.
The jurisdiction clause requires the parties to specify the particular jurisdiction that is responsible in handling this case, where the governing laws of that certain jurisdiction shall also be the governing laws that this agreement is bound to.
There is an additional part in Schedule 1 of the agreement, where the Claimant is required to fill in and sign the “Prescribed notice to withdraw the Claim” form, declaring that the Claimant is willing to withdraw the claim when the settlement agreement comes into force. This is to ensure that the Claimant has voluntarily agreed to give up his or her rights in resolving to court proceedings in making the Claim.
This document should be carefully read by the Claimant and the Defendant.
This settlement agreement may be used upon a court dispute, whereby full and final settlement terms are to be established and agreed on.
Both parties should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.