THIS SETTLEMENT AGREEMENT is made on the day of 02 May 2024

BETWEEN

(1)               PARTY_1_NAME of PARTY_1_ADDRESS_SINGLE_LINE ("Employee") and

(2)               PARTY_2_NAME of PARTY_2_ADDRESS_SINGLE_LINE ("Company")

 

WHEREAS 

(A) The Employee has been employed by the Company pursuant to the employment contract dated EMPLOYEMENT_DATE (the "Employment Agreement")

(B) The Employee has filed a claim against the Company COURT_NAME under CLAIM_NUMBER ("Claim") 

(C) The parties are desirous of settling the matter referred to in this Settlement Agreement amicably in the following terms and conditions.

 

THE PARTIES HAVE AGREED AS FOLLOWS:-

1. In consideration of the premises that the Company shall pay the sum of CURRENCY SETTLEMENT_AMOUNT  ("Settlement Amount") and the performance by the Employee on the terms and conditions provided hereinbelow, the parties shall settle the Claim in the manner stated below. 

2. Except for this Settlement Amount, the Employee acknowledges and agrees that he is entitled to receive no other payments, benefits, or compensation from the Company. Employee represents that there are no outstanding advances or other sums due to the Company from the Employee. However, the Employee understands and agrees that the Settlement Amount shall be subject to appropriate tax deductions in accordance with the applicable laws.    

3. The Company shall deliver a lawyers’ cheque or cashiers’ order in the amount of CURRENCYSETTLEMENT_AMOUNT to the Employee by SETTLEMENT_DATE as a full and final settlement to the Claim.

4.  The Employee shall at his costs and expenses :

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