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Settlement Agreement Release of All Claims for Product Liability

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Settlement Agreement Release of All Claims for Product Liability Powered By Docstoc
					This is an agreement between two parties that are currently involved in a products
liability lawsuit or dispute for the settlement of all claims. This agreement sets forth the
terms between two parties for the payment of monetary compensation to one party in
exchange for the forbearance of all products liability claims against the other party. This
agreement should be used by individuals or entities that are currently involved in a
products liability lawsuit or dispute but want to settle their claims outside the courtroom.
                   SETTLEMENT AGREEMENT RELEASE OF ALL CLAIMS
                               PRODUCTS LIABILITY

This Settlement and Release Agreement (“Agreement”) is made and entered into as of this ____
Day of _____, 20__, [Instruction: Insert date.] by and between _____ [Instruction: Insert first
party’s name. For clarity, said party is referred to herein as Party 1, however, it is
recommended this is revised to reflect a more applicable name.] (“Party 1”) and _____
[Instruction: Insert second party’s name. For clarity, said party is referred to herein as
Party 2, however, it is recommended this is revised to reflect a more applicable name.]
(“Party 2”).

WHEREAS, Party 1 has instituted an action in _____ [Instruction: Insert court name.] against
Party2, captioned _____ [Instruction: Insert court filing information.] (“the Lawsuit”)
asserting various claims against Party 2, including but not limited to, allegations that Party 1 was
injured as a result of _____, [Instruction: Insert basis for product liability claim, including
product name and how Party 1 came to use same.] which Party 1 claims Party 2 designed,
developed, manufactured, labeled, advertised, marketed, distributed and/or sold [Comment: If
these claims are not made in the Lawsuit, please revise to more accurately reflect the claims
in Lawsuit.];

WHEREAS, the Lawsuit involves disputed questions of law and fact. Notwithstanding that such
disputed questions of law and fact remain subject to ongoing discovery, Party 1 and Party 2 now
wish to fully and finally avoid further costs of litigation and to compromise and settle any and all
claims, controversies and disputes between them, including all past, present and potential claims
based on, derived from, or related to the ______ [Instruction: Insert description of Party 1’s use
of product at issue.] by Party 1, and all claims based on, derived from or related to Party 1’s
alleged injuries and/or damages of whatever kind.

Optional Language: If Party 1 filed the Lawsuit in a representative capacity on behalf of
another person or entity, including but not limited to a minor, decedent or incompetent
individual, Party 1 represents and warrants that Party 1 has the sole right and exclusive
legal authority to enter into this Agreement on behalf of that person or entity and has
obtained any and all necessary applicable legal approvals for this Agreement to be legally
valid and binding upon Party 1 and the person or entity that Party 1 purports to represent.

NOW, THEREFORE, in consideration of the mutual promises set forth in this Agreement and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

AGREEMENT

1. Recitals. The foregoing Recitals are incorporated into and constitute a part of this
   Agreement.




© Copyright 2013 Docstoc Inc. registered document proprietary, copy not                   2
2. No Admission of Liability. This Agreement is entered into as an expedient and cost-effective
   alternative to costly litigation. The parties make no admission of liability, express or
   implied, by entering into this Agreement, and any such liability, express or implied, is hereby
   specifically denied.

3. Party 2’s Payment to Party 1. Party 2, in exchange for the releases set forth below and in
   exchange for Party 1 not seeking compensation from any insurer of Party 2, and for other
   good and valuable consideration, the receipt and sufficiency of which are hereby
   acknowledged, agrees to pay Party 1 the total amount of _____ [Instruction: Insert amount
   to be paid.] payable within 21 days from the execution of this Agreement by the Parties
   [Instruction: If payment arrangements vary from that set forth herein, revise this
   language to reflect the parties’ agreement.]. The parties agree that should ___
   [Instruction: Insert party to make payment.] fail to make any of the required payments
   pursuant to the schedule described in this Agreement, immediately upon the failure to make
   the payment, the entire settlement amount (less any amounts that have been previously paid)
   shall become immediately due and payable and the parties stipulate that judgment in that
   amount shall be entered against ____ [Instruction: Insert party name.] on behalf of ____
   [Instruction: Insert party name.]. The parties agree that jurisdiction for this stipulated
   judgment shall be proper in _____ [Instruction: Insert state.].

4. Releases. For and in consideration of the foregoing and other good and valuable
   consideration, the receipt and sufficiency of which if hereby acknowledged, and upon the full
   execution of this Agreement, Party 1 on behalf of himself, his agents, heirs, administrators,
   attorneys, successors and assigns, does hereby dismiss, release and hold harmless Party 2, its
   stockholders, officers, directors, employees, agents, insurers, attorneys, predecessors,
   successors and assigns, if any, of and from any and all matters, debts, dues, sums of money,
   covenants, controversies, agreements, promises, trespasses, damages, losses, expenses, costs,
   liabilities, obligations, claims, demands, grievances, suits, causes of action, complaints,
   judgments, decrees, executions of whatever kind, in law or in equity, absolute, contingent,
   likely or unlikely, known or unknown, which have existed from the beginning of time to the
   date of this Agreement, including but not limited to all claims Party 1 asserted or which
   could have been asserted in the Lawsuit and any and all claims arising out of the Lawsuit.

    The parties understand the word “claims” to include all actions, claims, and grievances,
    whether actual or potential, known or unknown, and specifically but not exclusively all
    claims arising o
				
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Description: This is an agreement between two parties that are currently involved in a products liability lawsuit or dispute for the settlement of all claims. This agreement sets forth the terms between two parties for the payment of monetary compensation to one party in exchange for the forbearance of all products liability claims against the other party. This agreement should be used by individuals or entities that are currently involved in a products liability lawsuit or dispute but want to settle their claims outside the courtroom.
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