The Full and Final Payment Agreement is essential in Indian business and legal practice for documenting the complete settlement of financial obligations, disputes, or claims between parties. It is commonly used in scenarios including employment termination settlements, business dispute resolutions, contract closures, or project completions. The agreement must comply with Indian Contract Act, 1872, and related legislation, including stamp duty requirements and tax regulations. This document typically includes detailed payment terms, comprehensive release clauses, tax implications, and other relevant provisions to ensure a legally binding settlement that prevents future claims or disputes related to the settled matter.
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1. Parties: Identifies and defines all parties to the agreement with their complete legal names and addresses
2. Background: Describes the context of the original claim/dispute and the circumstances leading to this settlement
3. Definitions: Defines key terms used throughout the agreement
4. Settlement Amount: Specifies the exact amount agreed upon for full and final settlement
5. Payment Terms: Details the mode, timing, and conditions of payment
6. Release and Discharge: Comprehensive clause releasing all claims and liabilities upon settlement
7. Tax Implications: Clarifies responsibility for any tax liabilities arising from the settlement
8. Representations and Warranties: Statements by both parties regarding their authority and capacity to enter into the agreement
9. Governing Law: Specifies that Indian law governs the agreement
10. Execution: Signature blocks and execution formalities
1. Confidentiality: Include when settlement terms need to be kept confidential
2. Non-Disparagement: Include when there's a need to prevent parties from making negative statements about each other
3. Dispute Resolution: Include when specific dispute resolution mechanisms need to be established for future disputes
4. Return of Property: Include when settlement involves return of physical or intellectual property
5. No Admission of Liability: Include when party making payment wants to explicitly state that settlement doesn't constitute admission of liability
6. Severability: Include when agreement needs protection against partial invalidation
7. Employment-Specific Provisions: Include when settlement relates to employment termination
1. Schedule A - Payment Details: Detailed breakdown of the settlement amount and payment schedule
2. Schedule B - Original Claim Documents: Copies of documents evidencing the original claim or dispute
3. Schedule C - Release Forms: Standard release forms to be signed upon payment completion
4. Appendix 1 - Supporting Documents: Any additional documentation supporting the settlement terms
5. Appendix 2 - Tax Declarations: Required tax forms and declarations
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Relevant Teams
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Accounts
Compliance
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Treasury
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Finance Manager
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