Settlement agreement is a legalized arrangement between two disputing entities wherein both parties agree to resolve their differences in an out of court compromise. This settlement involves both the parties negotiating with each other and making a treaty on some mutually decided terms and conditions.
A settlement agreement is legally acceptable document which serves the purpose of documenting this settlement term and conditions. A well written agreement should consists of the details of issue being discussed, the agreement and settled terms and conditions arrived upon by the belligerent parties, the timeline for fulfillment of these terms and penalties in case of failure of any entity to adhere to the terms. Also after entering into this arrangement both the parties forgo their rights to sue or press any kind of charges against the other party in court of law with regards to arrangement agreed upon.
In many cases it is even advisable that the disputing factions employ the services of qualified arbitrators or deal makers to reach upon a mutually acceptable agreement and peacefully finish off with a dispute to prevent the nuisances of cumbersome legal processes.
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