Final Settlement Agreement Letter, Sample & Format
To mark the end of a legal dispute between two or more parties, there needs to be a final settlement agreement. This agreement takes note of all the terms and conditions on which the parties have agreed so as to broker peace. Violating any of the terms or agreements can allow one of the parties to take legal action against the other.
It is a legal document that could be produced in court and therefore, it should be written in as formal a manner as possible. The letter should clearly outline the names of the parties involved, the dispute which had arisen between the two and the terms on which the parties have agreed on for peace. The obligation of the plaintiff and defendant are both clearly stated. This letter should be written and signed well in advance as the dates can be relevant in case anyone initiates legal proceedings in the future.
The following is a sample letter for Final Settlement Agreement Letter.
12th May 2017
Subject: Final Settlement Agreement Letter
This settlement agreement letter which has been signed by Mrs. Khurana and Mr. Sharma will be valid from 12th May 2017 onwards.
All parties involved in this dispute, that is, the defendant and plaintiff have agreed to settle all disputes of the past and disputes that may arise in the future. According to the terms and conditions outlined below, the two parties have agreed to broker peace. In the case of violation from either one of the sides, the one who has violated the terms will have to pay a fine of INR 10,000. Further, the dispute which is concerning a parking space that is in between Mrs. Khurana and Mr. Sharma’s house will tilt in favor of Mr. Sharma. He will then be the sole owner of the land that is designated for parking between the two houses.
The terms and conditions clearly state that each party will equally share the 1500 sq ft land which exists between both the houses. The property is divided into half for the convenience of each house. No party is allowed to park more than two cars in the shared space. Furthermore, no parking is allowed post 11 pm.
Both parties are also requested to appear before the local court on the 15th of May 2017 to finalize all conditions of this settlement letter and legalize the document. The timing of the hearing is from 3 pm. The agreement will come into being in effect once both parties have signed the legal documents in front of the judge present at court.
In the case of any further questions, contact your respective lawyers.
The KRK Group