Settlement Agreement

Published on February 2017 | Categories: Documents | Downloads: 56 | Comments: 0 | Views: 541
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COMPROMISE AGREEMENT AND RELEASE
PARTY ONE hereinafter referred to as (“Party1”) as (Indicate whether individual, business, partnership, organization type, etc.), PARTY TWO hereinafter referred to as (“PARTY2”) as (Indicate whether individual, business, partnership, organization type, etc.), (and other parties…?), in consideration of the promises made herein, agree as follows. 1. NATURE AND EFFECT OF AGREEMENT. This agreement consists of a compromise and settlement by each party of their current claims against any other party arising from the facts described in Paragraph 2. Further, each party releases every other named or affected party and relinquishes any and all such claims. By executing this agreement, each of the parties intends to and does hereby extinguish any obligations and/or rights heretofore existing between them and arising from those claims. This agreement is not, and shall not be treated as, an admission of liability by any party for any purpose. 2. NATURE AND STATUS OF CLAIMS. On or about Some Date, Party1, Party2, (and other parties?) entered into an agreement for Party1 to (do something to/for/on behalf of )Party2 in exchange for a payment of (some amount of money) related to a (some sort of transaction) in SomePlace, California. Further, the signed agreement between the Parties provides (other terms). On (Some other date), (the sum became due and payable for some reason). Party2 asserts that (some argument by Party2 that the sum is not due or payable). 3. COMPROMISE AND AGREEMENT. By executing this agreement and release, neither party admits to any alleged breach or noncompliance with rule, law or contract, but simply intends to resolve all disputes that currently exist between the Parties. a. What will the parties do? b. Will some money change hands? When? 4. RELEASE AND DISCHARGE. Each party to this agreement hereby releases and discharges the other as individuals or operating as any entity, legal or natural, against whom they currently have or might in the future have a claim arising from the facts described in Paragraph 2, and such release is operative as to predecessors and successors in interest, heirs, and assigns from, and each relinquishes, any and all past and present claims, demands, obligations, or causes of action for compensatory or punitive damages, costs, losses, expenses, and compensation, whether based on tort, contract, or other theories of recovery, that each now has or may hereafter have against the other arising from the subject of the claims described in Paragraph 2. 5. WAIVER OF CALIFORNIA CIVIL CODE SECTION 1542. I acknowledge that I may have claims related to the released claims above that are presently unknown and that the release contained in this form is intended to and willfully, finally, and forever discharge even such claims, whether now asserted or unasserted, known or unknown, to the extent they fall within the description of claims being released above. ACCORDINGLY, I EXPRESSLY UNDERSTAND AND AGREE TO WAIVE THE PROVISIONS OF, AND RELINQUISH ALL RIGHTS AND BENEFITS AFFORDED BY, CALIFORNIA CIVIL CODE SECTION 1542, OR ANY STATUTE OR RULE OF SIMILAR EFFECT. INITIAL:

PARTY1

PARTY2

PARTY3?

CIVIL CODE SECTION 1542 PROVIDES IN FULL AS FOLLOWS: A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. In giving this waiver and release, I acknowledge that I have been advised of California Civil Code Section 1542. I may hereafter discover facts in addition to or different from those which I now believe to be true with respect to the subject matter released herein, but agree that I have taken that possibility into account in signing this release and that, notwithstanding the discovery or existence of any such additional or different facts, as to which I expressly assume the risk, I freely and voluntarily give the release set forth above. Upon my execution of this Agreement, I shall be deemed to have given this release. I hereby represent and warrant that nothing which I release herein has been assigned, transferred, or hypothecated or purportedly assigned, transferred, or hypothecated. 6. CONFIDENTIALITY. It is understood and agreed that, as part of the consideration for this Agreement and Release, the terms, amounts and fact of this Agreement shall be kept completely confidential. Both parties agree not to disclose any information about this Agreement to anyone other than that Party’s spouse, attorney, financial or tax advisor. Before a party tells his spouse, attorney, financial or tax advisor anything about this Agreement, he will inform them of this confidentiality clause and have them agree to follow it. If this Agreement is sought by court order or otherwise compelled by law, either party will promptly provide its counsel with sufficient notice in advance of such proposed disclosure. The confidentiality requirement under this Agreement may be excepted by the express, written consent of the other party. 7. MUTUAL NON-DISPARAGEMENT. The parties agree that neither will engage in any conduct or communications designed to disparage the other regarding the nature or events surrounding this dispute. The sole right to describe the relationship is as follows using the following or synonymous language: “On or about (some date), Party1 (did something with) Party2 and (other parties), (for some purpose), (during some period of time).” Each party agrees not to communicate any fact with the purpose of, or which would reasonably cause any other party to be the subject of any investigation or proceeding relating to this matter. 8. ADVICE OF ATTORNEY. Each party warrants and represents that in executing this agreement, they have relied on legal advice from the attorney of their choice; that the terms of this agreement have been read and its consequences (including risks, complications, and costs) have been completely explained to them by that attorney; and that they fully understand the terms of this agreement. Each party further acknowledges and represents that, in executing this release, they have not relied on any inducements, promises or representations made by any other party to execute this release. 9. CONDITIONS OF EXECUTION. Each party acknowledges and warrants that their execution of this release is free and voluntary. This contract may be executed in counterparts. Facsimile transmissions and copies shall act as if the signatures were original. 10. ATTORNEYS’ FEES. Each party to this agreement shall bear all attorneys’ fees and costs arising from that party’s own counsel in connection with the case, this agreement, and the matters referred to herein, and all related matters. This paragraph shall be applicable to this entire agreement. In any action of any kind relating to this Agreement, the prevailing party INITIAL: PARTY1 PARTY2 PARTY3?

shall be entitled to collect reasonable attorneys’ fees and costs from the non-prevailing party in addition to any other recovery to which the prevailing party is entitled. 11. ENTIRE AGREEMENT. This agreement contains the entire agreement between the parties. 12. EFFECTIVE DATE. This agreement shall become effective immediately on execution by each of the parties. 13. GOVERNING LAW. This Agreement is entered into in the State of California, and shall be governed by and construed under and interpreted in the State of California and in accordance with the internal laws of the State of California. Any dispute arising under this Agreement shall be heard in the county in which SomePlace is located, or in such appropriate location as close to that County as jurisdictional rules permit. Date: Date:

Party One as an individual and principal of SomeCompany, Inc.

Party Two

Date:

Party3

By:

Its:

INITIAL:

PARTY1

PARTY2

PARTY3?

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