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BETWEEN
AND
WHEREAS;
Both parties expressed their sincerity in settling the case through amicable
negotiations and with the efforts of both parties referred to above, following
agreement is reached:
1. Both parties agree that a lump sum settlement agreement should be made
to cover all claims in relation to the damage to the motorcycle. Based on this,
Party A agrees to accept the payment based on the canvass of the spare parts
and repair of the motorcycle as the full and final payment for Party As all
claims, including labor costs in respect of the above mentioned claims.
Party B warrants that the payment of the amount based on the canvass shall
be paid to Party A thru cash when this agreement is duly signed by both
parties and upon verification of the amount to be paid by Party B.
3. Both parties agree that this settlement agreement is a full and final
settlement for the Party As claim. Party A warrants making no further claims
against other parties in any jurisdictions or any courts by the same issue,
4. Party B warrants that he will issue the Receipt and Release to Party B to
confirm the safe receipt of the above mentioned amount and hereby discharge
Party Bs liability and the liability of any other relevant parties under this
case.
6. This Agreement is made in duplicate, each party shall hold one original
copy.
7. This Agreement shall become effective upon the date of signature by both
parties authorized representatives.
Party A:
Party B:
Date:
Date:
WITNESSES:
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