Arbitration Settlement Agreement

THIS ARBITRATION SETTLEMENT AGREEMENT is made on the day of 29 April 2024.

BETWEEN

(1)  PARTY_1_NAME of PARTY_1_ADDRESS_SINGLE_LINE ("Party A") and

(2)  PARTY_2_NAME of PARTY_2_ADDRESS_SINGLE_LINE ("Party B").

Background

1. The Parties agreed to arbitrate on ARBITRATION_DATE with the intent of settling their dispute pursuant to the Arbitration Agreement dated ARBITRATION_AGREEMENT_DATE, following the rules under ARBITRATION.
   
   
2. The Parties have reached an agreement in the Arbitration on the terms necessary to settle their dispute. The terms agreed between the Parties are set out below accordingly in this Settlement Agreement. 

THE PARTIES AGREE AS FOLLOWS:

1. The parties agree that this Agreement is a legally binding contract and an arbitral award, having the same force and effect as if entered formally by an arbitrator. It may be enforced in a court of law.

2. In consideration of the premises that Party B shall pay the sum of CURRENCYSETTLEMENT_AMOUNT and the performance by Party A on the terms and conditions provided hereinbelow, the parties shall settle the Claim in the manner stated below. 

3. Party B shall deliver a lawyers’ cheque or cashiers’ order in the amount of CURRENCY SETTLEMENT_AMOUNT to Party A by SETTLEMENT_DATE as full and final settlement to the Claim. 

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