The Reaffirmation Settlement Agreement is commonly used in England and Wales when parties need to formally recommit to their obligations under an existing agreement, often following a dispute or when circumstances have changed. This document combines elements of both a settlement agreement and a reaffirmation, allowing parties to resolve any existing disputes while simultaneously confirming their ongoing commitments. It typically includes details of the original agreement, any modifications, consideration for the reaffirmation, and may also contain releases of claims and updated terms. This type of agreement is particularly useful in preventing the expiration of limitation periods and providing certainty about parties' ongoing obligations.
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1. Parties: Identifies all parties to the agreement with full legal names and addresses
2. Background: Sets out the context and history of the original agreement and why it's being reaffirmed
3. Definitions: Defines key terms used throughout the agreement
4. Reaffirmation: The core provision where parties reaffirm their obligations under the original agreement
5. Consideration: States the consideration being provided for the reaffirmation
6. Governing Law: Specifies that English and Welsh law governs the agreement
7. Execution: Signature blocks and execution provisions
1. Modifications: Any changes to the original agreement terms - include when original terms need updating
2. Release Provisions: Mutual releases of claims - include when parties wish to release past claims
3. Confidentiality: Provisions regarding confidentiality of the settlement - include when settlement terms should remain private
4. Payment Terms: Details of any payments to be made - include when monetary settlement is involved
1. Original Agreement: Copy of the agreement being reaffirmed
2. Payment Schedule: Details of payment arrangements if applicable
3. Modified Terms: Schedule of any modifications to original terms
4. Authority Documentation: Evidence of authority to enter into agreement
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