Settlement Agreement

SETTLEMENT AGREEMENT

This Settlement Agreement is made on [Date] between [Party A Name], residing/having office at [Address] ("First Party"), and [Party B Name], residing/having office at [Address] ("Second Party").

1. Background. A dispute has arisen between the parties in respect of [Nature of Dispute] ("Dispute"). The parties now wish to fully and finally settle the Dispute on the terms set out below.
2. Settlement Amount. In full and final settlement, the [First / Second] Party shall pay to the other party a sum of Rs. [Amount] ("Settlement Amount") on or before [Effective Date].
3. Mode of Payment. The Settlement Amount shall be paid by [Cheque / NEFT / RTGS] to the account details provided by the receiving party.
4. Mutual Release. On receipt of the Settlement Amount, each party unconditionally releases and discharges the other from all claims, demands and liabilities arising out of the Dispute.
5. Withdrawal of Proceedings. The parties shall withdraw or cause to be withdrawn all complaints, notices and legal proceedings pending between them in relation to the Dispute.
6. No Admission of Liability. This settlement is entered into to buy peace and shall not be construed as an admission of liability by either party.
7. Confidentiality. The terms of this settlement shall remain strictly confidential and shall not be disclosed except as required by law.
8. Full & Final. This Agreement constitutes the entire settlement and supersedes all prior communications regarding the Dispute.
9. Governing Law & Jurisdiction. This Agreement shall be governed by Indian law and subject to the exclusive jurisdiction of the courts at [City].
10. Dispute Resolution. Any dispute arising from this Agreement shall be referred to arbitration under the Arbitration and Conciliation Act, 1996, seated at [City].

IN WITNESS WHEREOF, the parties have signed this Settlement Agreement on the date first written above.