Settlement Agreement
This Settlement Agreement is entered into this on [INSERT DATE] day of [INSERT MONTH & YEAR] between [INSERT PARTY A] and [INSERT PARTY B] (“Parties”).
WHEREAS, a car accident at the [INSERT LOCATION] involving a [INSERT CAR DESCRIPTION] with a car plate number [INSERT CAR PLATE] (“Vehicle”) occurred on [INSERT ACCIDENT DATE] (“the Accident”).
WITHOUT ADMISSION TO LIABILITY, the Parties have willfully and agreed to the following terms as full and final settlement towards the incident above.
- [INSERT PARTY B] shall pay the full and final Settlement Sum of [INSERT AMOUNT MONEY] to [INSERT PARTY A].
- The Settlement Sum shall include the following: –
- [INSERT AMOUNT MONEY] as the consideration for [INSERT PARTY B] to purchase the Vehicle regardless of its current market value;
- [INSERT AMOUNT MONEY] for the cost of car rental for [INSERT DURATION] month as per the invoice no: [INSERT INVOICE NUMBER] dated [INSERT DATE] issued by [INSERT PARTY C];
- [INSERT AMOUNT MONEY] as a gesture of our immense sincerity of apology; and
- [INSERT AMOUNT MONEY] for the medical cost including the payment of consultation medical fee of [INSERT AMOUNT MONEY] to [INSERT PARTY D] as per receipt no. [INSERT RECEIPT NUMBER] dated [INSERT DATE] and payment of consultation fee with laboratory and radiology of [INSERT AMOUNT MONEY] to [INSERT PARTY E] as per the receipt no. [INSERT RECEIPT NUMBER] dated [INSERT DATE]. A copy of all the receipts shall be forwarded to [INSERT PARTY B] prior to payment of [INSERT AMOUNT MONEY].
- In consideration of the Settlement Sum, the Parties irrevocably agreed to settle the matter and completely release and forever discharge [INSERT PARTY B] from any past, present and future liability, claims, demands, actions, wrongful death claims, cause of action, damages, costs, expenses, losses of services and compensation of any nature whatsoever which include but not limited to the rights under the law of tort.
- This Settlement Agreement shall supersede any prior agreements, understandings, or negotiations, whether written or oral.
- No modification of this Settlement Agreement shall be valid unless in writing and agreed upon by both Parties.
- This Settlement Agreement shall remain confidential between the Parties at any given time and shall not be deemed as an admission of liability. The Parties shall not disclose any content of this Settlement Agreement and any information in relation to the incident to any third party at any given time.
IN WITNESS HEREOF, the Parties have caused their duly authorized representatives to execute this Agreement to be effective as of the Effective Date, in two originals, each Party declaring having received one.
signed by [INSERT PARTY B] )
NRIC: ) _____________________
signed by [INSERT PARTY A] )
NRIC: ) _____________________
