SETTLEMENT AGREEMENT(소송전)
This Settlement Agreement (hereinafter called the Agreement) is made and dated as of (Month) (Date)th, 200_, by and between ABC Company Ltd., (hereinafter called the ABC) a company duly organized and existing under the laws of ____(Nation of ABC), having its principal office at ______ (Address of ABC) and DEF Inc.,a company duly organized and existing under the laws of _____ (Nation of DEF), having its principal office at (Address of DEF).
WHREAS, Sales Contract (No._______) was made on (_______) by and between ABC, as a seller, and DEF, as a purchaser, as amended from time to time (the Sales Contract) to sell and purchase the (Product) but ABC didnt pay the price of the (Product) to DEF at the amount of U$_______.
WHREAS, DEF filed arbitration on (______) with the (name of international commercial arbitration center) at (place).]
NOW, THEREFORE, in consideration of the premises and of the mutual covenants contained herein, the parties agree as follows:
1. ABC shall pay to DEF by T/T to the account notified by DEF:
a. US Dollar _________ (U$________) not later than (1st payment date);
and
b. US Dollar ________ (U$_______) not later than (last payment date).
2. All costs and expenses incurred or to be incurred on each side relating to this Agreement shall be borne by ABC.
3. On and after DEF duly pay the settlement amount specified in Article 1, DEF will not make any claims and both parties shall release and discharge each other from any and all claims and liabilities which the parties ever had, have or hereafter may have against each other by reason of any cause arising out of the transaction related to Sales Contract upon and from the execution of this Agreement.
4. This Agreement shall be subject to Korean Law, and any dispute arising out of it shall be settled in Seoul, Korea according to the Commercial Arbitration Rules of the Korean Commercial Arbitration Board. The award rendered by the arbitrator(s) shall be final and binding upon both parties concerned.
5. This Agreement embodies the entire agreement of the parties hereto with respect to the Sales Contract and supersedes all prior agreements with respect thereto. |
2008.04.21
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