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.
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 out of the actions described herein. All such claims (including related attorneys’ fees and costs) are forever barred by this Agreement and without regard to whether those claims are based on any alleged breach of a duty arising in contract or tort; any alleged unlawful act, including, without limitation, discrimination and harassment; any other claim or cause of action; and regardless of the forum in which it might be brought, except that an enforcement claim pursuant to a default or breach of this Agreement shall not be barred, but may be brought as specifically set forth herein. The release set forth in this Agreement is intended to have the broadest possible application and includes, but is not limited to, any tort, contract, common law, constitutional or other © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 3 statutory claims arising out of any federal, state or local laws. The release set forth herein shall apply to the present and future officers, directors, stockholders, attorneys, agents, insurers, servants, members, representatives, employees, subsidiaries, subcontractors, contractors, affiliates, partners, family members, predecessors, and successors in interest and assigns of the parties. Party 1 further acknowledges that discovery is ongoing and that different or additional facts may be discovered beyond what Party 1 now knows or believes to be true with respect to the matters herein released, and Party 1 agrees that this Agreement shall be and shall remain, fully effective, binding and final, notwithstanding any different or additional facts which may be discovered. 5. Dismissals. Each party shall file a dismissal with prejudice of the actions specifically set forth herein and a dismissal with prejudice of any action pending in arbitration, if any, as to all claims, causes of action, and parties. 6. Transfer and Assignment. Each party hereto warrants to the other that it has not assigned, transferred nor purported to assign or transfer any claim or rights thereto against the other party hereto that arose prior to the execution of this Agreement and that it will not assign or transfer or purport to assign or transfer hereafter any such claim or rights thereto. 7. Party 2 acknowledges that Party 2 alone is responsible for reimbursement of Party 1, and to satisfy any and all other claims or liens to the extent they apply to the consideration to be paid pursuant to his Agreement. 8. Optional Language: Confidentiality. The parties agree they will keep the fact, terms, negotiation, and amount of this Agreement completely confidential and that they will not disclose any information concerning this Agreement to anyone, provided either party may make such disclosures as are required by law and as are necessary for legitimate enforcement or tax compliance purposes. Party 1 and Party 2 further agree that each, and their respective attorneys, will not make any statement, either directly or indirectly, by implication or innuendo, to anyone, including but not limited to consultants, experts, the press or media, concerning the amount or other terms of this Agreement, or the nature and substance of any negotiations with respect to this Agreement, or describing or characterizing the settlement in any way. The parties further agree they will not either directly or indirectly, publicize the fact of the settlement and that any inquiry into the settlement, its amount, meaning, interpretation or comparative value, or the negotiations leading to the settlement by anyone, including but not limited to the press or media, will be met only by a joint statement of the parties that the case has been mutually resolved. The attorneys of the respective parties will decline any requests for press or media interviews with respect to the settlement, its history or terms, and further, will not maintain and instead will discontinue any website references to the discontinuation or withdrawal of the product, if any, and will further refrain from any future postings regarding same. The attorneys shall not be required to make any attempts to delete any historical website references or searches with respect to same. © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 4 Notwithstanding the foregoing, each of the parties may discuss the fact, terms, negotiation and amount of this Agreement with their respective attorneys, accountants and to the extent necessary to enter into this Agreement, employees and/or directors and/or officers, subject to any such additional persons being subject to this confidentiality clause. Each of the parties hereby acknowledges and agrees that these confidentiality provisions are essential elements of this Agreement and that any breach of them shall constitute a material breach of the Agreement entitling Party 2 to an immediate remedy against the party or attorney breaching these provisions, including injunctive relief and reasonable attorneys’ fees. If Party 1 is the sole party responsible for any such breach and Party 1 has discontinued its attorney-client relationship with its respective attorney, Party 2’s sole recovery right and remedy shall be against the offending person. Further, any filings required to obtain court approval of this Agreement shall be made under seal to protect confidentiality of the settlement unless same are prohibited by applicable law. 9. Costs and Expenses. The parties shall be responsible for their respective attorneys’ fees and costs and expenses incurred in this matter. 10. Controlling Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of _____ [Instruction: Insert state.]. The parties hereby irrevocably consent to personal jurisdiction and venue in the _____ [Instruction: Insert court.] for any and all Claims arising out of this Agreement or enforcement of this Agreement over which that court has subject matter jurisdiction. 11. Amendments. This Agreement cannot be altered or otherwise amended except by written instrument signed by all of the parties hereto. 12. Entire Agreement. The parties acknowledge and agree that this Agreement constitutes the full, complete, and entire agreement or the parties and that there are no other representations, covenants, warranties, or other agreements binding of the parties that are not expressly set forth herein. 13. Rule of Construction. The parties acknowledge and agree that they have each had the opportunity to have this Agreement reviewed by counsel of their choosing. Therefore, the normal rule that ambiguities are construed against the drafter shall not apply in connection with the interpretation and construction of this Agreement. 14. Validity of Agreement. The parties represent and agree that the person executing this Agreement on behalf of each party has the full and complete permission and authority of the respective entity for which he is executing this Agreement, and have the full right and authority to commit and fully bind themselves, their representatives, agents, principals, predecessors, successors, and privies according to the provisions hereof. This Agreement is a legally valid, binding and enforceable obligation of the parties in accordance with its terms. © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 5 15. Counterpart Signatures. This Agreement may be executed in one or more counterparts, including by facsimile, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. 16. Voluntary Signature. This Settlement Agreement is executed voluntarily and without any duress or undue influence on the part or behalf of the Parties hereto, with the full intent of releasing all claims. The Parties acknowledge that: (a) They have read this Settlement Agreement; (b) They have been represented in the preparation, negotiation, and execution of this Settlement Agreement by legal counsel of their own choice or that they have voluntarily declined to seek such counsel; (c) They understand the terms and consequences of this Settlement Agreement and of the releases it contains; (d) They are fully aware of the legal and binding effect of this Settlement Agreement. WITNESS our hands and seals as of the date set forth below. As of this ___ day of ____, 20__ [Instruction: Insert date.] __________________________ Insert Party 1 Signature Block __________________________ Insert Party 2 Signature Block © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 6
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