The Third Party Settlement Agreement is a crucial legal instrument used in the United Arab Emirates when parties seek to resolve disputes or settle obligations with the assistance of a third party. This document is particularly relevant in situations involving complex commercial disputes, debt restructuring, or when an independent party's intervention is needed to facilitate settlement. The agreement must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and related regulations, addressing specific requirements for settlement validity, payment terms, and enforcement mechanisms. It is commonly used in commercial transactions, financial disputes, and corporate settlements where the third party may act as a facilitator, guarantor, or settler. The document includes detailed provisions for payment arrangements, mutual releases, and specific obligations of all parties involved, while ensuring enforceability under UAE law.
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1. Parties: Identification of all parties involved: the two primary disputing parties and the third party settler, including full legal names, addresses, and registration details if companies
2. Background: Detailed recitals explaining the dispute background, existing relationships between parties, and the context leading to the settlement
3. Definitions: Definitions of key terms used throughout the agreement, including specific UAE legal terms if applicable
4. Settlement Terms: Core settlement provisions including payment amounts, timing, and conditions
5. Payment Mechanism: Detailed process for making and receiving settlement payments, including banking details and currency specifications
6. Release and Waiver: Mutual releases and waivers of claims between the parties
7. Representations and Warranties: Standard representations regarding authority to enter agreement, validity of claims, and no prior assignment of claims
8. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction of UAE courts
9. Execution: Signature blocks and execution requirements compliant with UAE law
1. Confidentiality: Detailed confidentiality provisions - recommended when settlement involves sensitive commercial information
2. Non-Admission: Statement that settlement does not constitute admission of liability - useful in commercial disputes
3. Tax Provisions: Allocation of tax responsibilities - necessary when settlement has tax implications
4. Interest Provisions: Terms for interest on late payments - relevant for installment-based settlements
5. Dispute Resolution: Alternative dispute resolution mechanisms - recommended for complex settlements
6. Force Majeure: Force majeure provisions - relevant when settlement involves ongoing obligations
7. Language: Specification of prevailing language - necessary when agreement is bilingual Arabic/English
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment amounts, dates, and installments if applicable
2. Schedule 2 - Settlement Calculation: Detailed calculation of settlement amount including any adjustments or deductions
3. Schedule 3 - Related Agreements: List of any related agreements affected by or referenced in the settlement
4. Schedule 4 - Required Documents: List of documents to be exchanged or executed as part of settlement
5. Appendix A - Form of Release: Template of any additional release documents to be executed
6. Appendix B - Authorization Documents: Copies of corporate authorizations and powers of attorney
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