VIEWS: 68 PAGES: 1 CATEGORY: Business and Corporate Agreements POSTED ON: 11/23/2010
A compromise is an agreement to terminate, by means of mutual concessions, a controversy over a claim that is disputed in good faith or unliquidated. A settlement, in this context, refers to the performance of the promises contained in a compromise agreement.
Compromise and Settlement regarding Breach of Sales Contract Agreement made on the (date), between (Name of Claimant), a corporation organized and existing under the laws of the state of ______________, with its principal office located at (street address, city, state, zip code), referred to herein as Claimant, and (Name of Opponent), a corporation organized and existing under the laws of the state of ______________, with its principal office located at (street address, city, state, zip code), referred to herein as Opponent. Whereas. Claimant asserts a claim against Opponent based on Opponent's failure to perform according to the terms and conditions of a sales contract executed by the parties on (date), under the terms of which Opponent was to purchase from Claimant (quantity or units) of (type of goods) at a total cost of $___________. Opponent has taken delivery of and paid for ________% of the goods, but refuses to accept or pay for the remainder. Claimant believes, in good faith, that Claimant is entitled to damages of $____________. Whereas, Opponent believes, in good faith, that Opponent has the right to cancel the remainder of the order for the following reason: (describe reaso
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