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Settlement Agt 1

This settlement agreement is between two companies, Company V and Company W, to settle disputed sums owed by Company V to Company W. Company V agrees to pay Company W a settlement sum of RM[amount] within one year in quarterly installments to avoid legal action. The agreement outlines the payment terms, responsibilities of the parties, and specifies that Malaysian law governs the agreement.

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Simranjeet Kaur
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282 views5 pages

Settlement Agt 1

This settlement agreement is between two companies, Company V and Company W, to settle disputed sums owed by Company V to Company W. Company V agrees to pay Company W a settlement sum of RM[amount] within one year in quarterly installments to avoid legal action. The agreement outlines the payment terms, responsibilities of the parties, and specifies that Malaysian law governs the agreement.

Uploaded by

Simranjeet Kaur
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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SAMPLE ;SETTLEMENT AGREEMENT

THIS AGREEMENT is made the day of


BETWEEN

………… Registration No. …….., a company incorporated in Malaysia


and having its place of business at……. (hereinafter called "V") of the one
part

AND

………… Registration No. ….., a company incorporated in Malaysia


and having its place of business at …….. (hereinafter called "….") of the
other part.

WHEREAS

1…. was a supplier of materials to V and arising from such supplies


sold and delivered to V, there are certain disputed sums owing to … by
V.

2.Both V and … are desirous of settling the matter amicably and


recognise and agree that any such settlement will involve both the
accruing of benefit and suffering of detriment to both parties, such
mutual benefit and detriment forming the basis for the consideration of
this settlement agreement.

NOW IN CONSIDERATION OF THE PREMISES AND PROMISES


HEREIN CONTAINED IT IS HEREBY AGREED AS FOLLOWS:

1. In consideration of … agreeing not to institute legal


action/proceedings against V, V agrees to pay and … agrees to accept
the sum of Ringgit Malaysia ………… (RM……….) as full and final
settlement of all claims/monies owing to ….

2. The parties agree that the settlement sum of Ringgit Malaysia


………. (RM……) will be paid to … within one (1) year of this
agreement in equal quarterly instalments of Ringgit Malaysia …….
(RM…….) each, the first of such instalment to commence within thirty
(30) days of execution of this agreement. In the event V fails to make
payment within one (1) year, such default shall carry interest at eight
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per centum (8%) per annum until payment thereof is made by V.

3. The parties hereto shall execute and do and procure all other
necessary persons or companies, if any, to execute and do all such
further deed, act and things as may be reasonably required to give
full effect to this agreement.

4. This agreement shall for all purposes and intents be governed by


and construed in accordance with the Laws of Malaysia.

5. Each party shall pay their own solicitors costs in incidental to


the preparation of this agreement but the stamp duty shall be borne by
V.

6. This agreement shall be binding upon the parties hereto and their
respective successors-in-title and permitted assigns.

Signed by )
for and on behalf of )
…………………………………… )
Company No……….. )
) )
in the presence of:- )

Signed by )
for and on behalf of )
…………………………………… )
(Company No. ) )
in the presence of:- )
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