A Damage Settlement Agreement is utilized when parties wish to resolve a dispute involving damages without proceeding to formal litigation. This document, governed by English and Welsh law, provides a comprehensive framework for settling claims by detailing the settlement sum, payment terms, and releases. The agreement typically includes provisions for confidentiality, non-admission of liability, and tax implications where relevant. It serves as a final resolution of the dispute and prevents future claims arising from the same incident.
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1. Parties: Identification and details of all parties involved in the settlement
2. Background: Context of the dispute and events leading to the settlement
3. Definitions: Key terms used throughout the agreement
4. Settlement Sum: Agreed compensation amount and payment terms
5. Release and Waiver: Terms of release from future claims and discharge of liability
6. Confidentiality: Terms regarding disclosure of settlement details
7. Governing Law and Jurisdiction: Specification of English and Welsh law as governing law and courts having jurisdiction
1. Insurance Provisions: Terms relating to insurance coverage and claims, included when insurance companies are involved in settlement
2. Non-admission of Liability: Statement that settlement does not constitute admission of fault or liability by any party
3. Tax Implications: Clauses addressing the tax treatment of settlement payments and responsibilities
4. Further Assurance: Commitment to execute additional documents or take further steps necessary to give effect to the agreement
5. Costs: Provisions regarding legal costs and expenses related to the dispute and settlement
1. Schedule 1 - Schedule of Damages: Detailed breakdown of compensation components and calculations
2. Schedule 2 - Evidence of Loss: Supporting documentation and evidence for claimed damages
3. Schedule 3 - Payment Schedule: Details of payment installments if applicable, including dates and amounts
4. Appendix A - Photographic Evidence: Visual documentation of damage where applicable
5. Appendix B - Related Correspondence: Key correspondence between parties leading to settlement
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