Settlement Agreement

Published on May 2016 | Categories: Types, Legal forms | Downloads: 69 | Comments: 0 | Views: 552
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Sample settlement agreement

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Content

_______________________

SETTLEMENT AGREEMENT
THIS SETTLEMENT AGREEMENT ("Settlement Agreement'')
is entered into between _________________________________ and
________________________________this ______________________________.
RECITALS
1.

2.

3.

4.
5.

6.

On __________________, ______________contracted a loan from
_______________ in the amount of Php50,000.00 which will be
used by the former to open a water station business.
________________ promised to pay said amount of loan as soon as
he gets his back pay _____________.
To secure the payment of the loan, _________________ issued in
favor of _________an ______________ check in the amount of Php55,
000.00.
However,
upon
presentment
of
the
check
to
_____________________, the same was dishonored because
__________________ ACCOUNT was CLOSED.
_____________________ immediately informed _____________________
of the dishonor of the issued check.
However, despite __________________ repeated demands and
reminders,_______________________ failed and refused and
continue to fail and refuse to settle the foregoing long overdue
obligation.
The parties desire to enter into this Settlement Agreement in
order to provide for certain payments terms and arrangement to
fully settle and discharge the claims herein which are or might
become the subject of a civil or criminal complaint, upon the
terms and conditions set forth herein.
The parties agree to the following terms of payment:

AMOUNT

DATE OF
PAYMENT

MODE OF
PAYMENT

OTHERS

In the event of _______________ failure to pay of any above
amount within the specified period, this Settlement Agreement will be
null and void. ______________ may thereafter institute the necessary
civil and/or criminal action/s against _____________ to protect her
interest. In such event, ____________may hold ______________ additionally
liable for incidental expenses and damages, including litigation
expenses and attorney’s fees.

_____________________________________________

_____________________________________________

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