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Settlement Agreement Word Text Document Format
This SETTLEMENT AGREEMENT is entered into this _______, 202_ by and between ____________. (hereinafter the “Contractor”) and the ___________ (hereinafter the “Agency”), for themselves, their officers, directors, executives, managers, employees, agents, attorneys, divisions, related and subsidiary entities, affiliates, successors and assigns (all of whom are collectively referred to as the “parties”).
- NO ADMISSION OF LIABILITY. Neither this Settlement Agreement nor anything contained within it shall be admissible in any proceeding as evidence of liability or wrongdoing on the part of either party. However, this Settlement Agreement may be introduced in any proceeding instituted to enforce its terms.
- PROMISE TO PAY. In full settlement of the Controversies, the party shall pay to the Contractor the amount of _________________ rupees (the “Settlement Amount”). Such Settlement Amount includes all monetary remedies of any kind relating to the Controversies, including but not limited to, equitable adjustments, interest, unpaid portions of amounts in prior invoices under the Contract, and other remedies requested in the Contract Dispute.
- INVOICING and PAYMENT. In order to process payment of the Settlement Amount in a routine manner, the Contracting Officer will incorporate promptly the terms of this Settlement Agreement into a modification to the Contract. The contractor will then submit a proper invoice for payment of the Settlement Amount. Payment will be made pursuant to applicable regulations and the interest provisions.
This Agreement may be amended or modified only by a written agreement, duly signed by both the First Party and the Second Party.
Any notice or communication under this Loan must be in writing and sent via In-Person Delivery only.
- No Waiver:
Second Party shall not be deemed to have waived any provision of this Agreement or the exercise of any rights held under this Agreement unless such waiver is made expressly and in writing. Waiver by Second Party of a breach or violation of any provision of this Agreement shall not constitute a waiver of any other subsequent breach or violation.
In the event that any of the provisions of this Agreement are held to be invalid or unenforceable in whole or in part, the remaining provisions shall not be affected and shall continue to be valid and enforceable as though the invalid or unenforceable parts had not been included in this Agreement.
First Party shall not assign this Agreement, in whole or in part, without the written consent of Second Party. Second Party may assign all or any portion of this Agreement with written notice to First Party.
- Governing Law:
This Agreement shall be governed by and construed in accordance with the laws of the State of ____________________, not including its conflicts of law provisions.
Any dispute arising from this Agreement shall be resolved in the courts of the State of ____________________.
- Entire Agreement:
This Agreement contains the entire understanding between the parties and supersedes and cancels all prior agreements of the parties, whether oral or written, with respect to such subject matter.
IN WITNESS WHEREOF, the parties hereto have executed this Settlement Agreement on the date written above.
Name of Contractor
Name of Agency
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