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A Settlement Agreement Document

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1 A Settlement Agreement Document on Wed Feb 16, 2011 9:28 am

tinxiedoodles


Arresto Menor
NEED YOUR HELP!

Despite not being a lawyer, I have drafted a settlement and release agreement. I don't know if the context is correct. I deem the document necessary though as the LENDER has a short attention span and might forget that we actually have made this payment. I don't think a simple official receipt would do either so I made this settlement agreement.

Kindly have a look... Thank you so much
__________________________________________________
SETTLEMENT AGREEMENT AND RELEASE


This Agreement, made and entered into by and between:


xxxxx, a resident of xxxxx, hereinafter referred to as "BORROWER".
- and -

xxxxx, a resident of xxxxx, hereinafter referred to as “LENDER”.


WITNESSETH:


WHEREAS, in 2002, to serve as part of the payment for the hospitalization of xxxx, the BORROWER has borrowed the total amount of FIFTY THOUSAND PESOS (Php 50,000.00) from the LENDER;

WHEREAS, herein parties have agreed that the amount loaned shall be paid at a time convenient to the BORROWER, in consideration of the parties’ personal relationship as siblings;

WHEREAS, on ______________, the LENDER has received the amount of FIFTY THOUSAND PESOS (Php 50,000.00) from the BORROWER as payment for the loan amount.

NOW THEREFORE, for and in consideration of the foregoing premises and the covenants hereinafter stipulated, the parties hereby agree as follows:

1. The LENDER acknowledges receipt of the amount of FIFTY THOUSAND PESOS (Php 50,000.00); and,

2. In consideration of this payment, the LENDER completely releases and forever discharge the BORROWER, of and from any and all past, present or future claims, demands, obligations, actions, causes of action, rights, damages, costs and compensation. The LENDER also understands that the amount has been settled already and agrees to henceforth QUIT CLAIM unto said loan amount. The LENDER also understands that the matter has been resolved with finality.


IN WITNESS WHEREOF, the parties have set their hands and affixed their signatures this _____ day of ___________, 2011 at xxxx, Philippines.

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2 Re: A Settlement Agreement Document on Wed Feb 16, 2011 8:55 pm

attyLLL


moderator
honestly, it would be the same as "received from x, the amount of 1234, as full settlement of all obligations to me as of date."

but the document is fine. I recommend you both have it acknowledged before a notary


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3 Re: A Settlement Agreement Document on Thu Feb 17, 2011 8:05 am

tinxiedoodles


Arresto Menor
thanks so much atty. A simple "acknowledgement receipt" would do then... we'll just have it notarized. Thanks so much Very Happy

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4 Re: A Settlement Agreement Document on Thu Feb 17, 2011 8:13 am

tinxiedoodles


Arresto Menor
Still feel funny. I have made an overly dramatic document whereas a simple acknowledgement receipt would have served the purpose. Just goes to show how far relative-related disagreements would take you. LOL

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