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
Relevant legal definitions
Agreement
Business Day
Claim
Claimant
Completion Date
Confidential Information
Dispute
Effective Date
Encumbrance
First Party
Governing Law
Interest Rate
Legal Proceedings
Liability
Original Agreement
Party
Payment Date
Payment Schedule
Release
Respondent
Second Party
Settlement Amount
Settlement Payment
Settlement Terms
Settled Claims
Signing Date
Third Party
Third Party Obligations
UAE
Working Hours
Business Day
Claim
Claimant
Completion Date
Confidential Information
Dispute
Effective Date
Encumbrance
First Party
Governing Law
Interest Rate
Legal Proceedings
Liability
Original Agreement
Party
Payment Date
Payment Schedule
Release
Respondent
Second Party
Settlement Amount
Settlement Payment
Settlement Terms
Settled Claims
Signing Date
Third Party
Third Party Obligations
UAE
Working Hours
Clauses
Recitals
Definitions
Settlement Terms
Payment Obligations
Third Party Obligations
Release and Discharge
Representations and Warranties
Confidentiality
Non-Admission
Further Assurance
Assignment
Notices
Severability
Entire Agreement
Amendment
Waiver
Force Majeure
Costs and Expenses
Governing Law
Jurisdiction
Dispute Resolution
Language
Counterparts
Non-Circumvention
Time of Essence
Indemnification
Tax Provisions
Termination
Survival
Definitions
Settlement Terms
Payment Obligations
Third Party Obligations
Release and Discharge
Representations and Warranties
Confidentiality
Non-Admission
Further Assurance
Assignment
Notices
Severability
Entire Agreement
Amendment
Waiver
Force Majeure
Costs and Expenses
Governing Law
Jurisdiction
Dispute Resolution
Language
Counterparts
Non-Circumvention
Time of Essence
Indemnification
Tax Provisions
Termination
Survival
Relevant Industries
Banking and Financial Services
Real Estate and Construction
Manufacturing
Trading and Commercial
Oil and Gas
Healthcare
Retail
Technology
Transportation and Logistics
Professional Services
Relevant Teams
Legal
Finance
Compliance
Risk Management
Corporate Secretariat
Executive Leadership
Treasury
Commercial Operations
Dispute Resolution
Relevant Roles
Legal Counsel
Chief Legal Officer
Chief Financial Officer
Commercial Director
Risk Manager
Compliance Officer
Settlement Officer
Dispute Resolution Manager
Corporate Secretary
Finance Manager
Managing Director
Chief Executive Officer
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