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SETTLEMENT AGREEMENT
Whereas
----------- (hereinafter referred as the first party) ---------------- (hereinafter
referred as the second party) in respect of matter pertaining to dishonor of
Cheque/s issued by the second party in favour of the first party.
Whereas
during the pendency of the present matter, the parties intended to settle the
matter through settlement deed, and therefore, the matter was referred for the
settlement. The process of mediation has been explained to the parties. Both
the parties have exchanged offers and counter-offers. Single & joint
sessions have been held. After due discussions, both the parties have agreed to
settle this dispute in full and final on the following terms and conditions:
1. It is agreed between the parties that the second party shall pay total settlement amount of ----------- towards full and final settlement amount in respect of present matter.
2. It is further stated that the above-mentioned settled amount of --------------- be paid by the second party to the first party in foolwing modes/ installments :
3. In the event of any default/delay in making the payment of any of the installment, the second party shall be liable to pay------------ as penalty alongwith the installment amount, further in the event of any default/delay in making the payment of the settled amount, as above, second party/respondent shall be liable to pay the entire settled amount along with interest @--------Further, first party will be at liberty to initiate action as per law laid down as well as to take any civil/criminal penal action against the second party, as per law.
4. It is further agreed that both the parties shall request the Ld. Concerned court to pass appropriate order in the present ----- case in view of the present settlement.
5. It is also agreed between the parties that on receiving/realization of the entire settled amount as above, nothing shall remain due between the parties in respect of the above mentioned complaint case and they shall not file any complaint/case against each other regarding the present dispute
6. This settlement has been voluntarily arrived at between the parties with their own free will and without any force, pressure or coercion and both the parties are bound by the terms and conditions mentioned herein above.
7. The contents of the settlement have been explained to the parties in vernacular and they have understood the same and have admitted the same to be correct.
8. Settlement proceedings be sent to the referral court. Parties to appear before the Court concerned on date fixed for making necessary statements and for further directions.
