Amended Settlement Agreement Template for Philippines

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Key Requirements PROMPT example:

Amended Settlement Agreement

"I need an Amended Settlement Agreement under Philippine law to modify the payment schedule of our original settlement from quarterly to monthly installments, with the new payment schedule starting from March 1, 2025."

Document background
An Amended Settlement Agreement becomes necessary when parties who previously reached a settlement agreement need to modify its terms due to changed circumstances, new developments, or mutual agreement to alter specific provisions. This document type is crucial in the Philippine legal landscape where settlements are governed by the Civil Code and often subject to court oversight. It serves to document modifications while preserving the legal force of unaltered original terms. The agreement must comply with Philippine contract law and may require specific corporate authorizations or court approval. It typically includes detailed references to the original agreement, specific amendments, reaffirmation of unchanged terms, and updated obligations, making it essential for proper dispute resolution documentation and legal compliance.
Suggested Sections

1. Parties: Identification of all parties to the agreement, including their complete legal names, addresses, and legal capacity

2. Background: Recitals explaining the original agreement, the reason for amendment, and any relevant history of the dispute and settlement

3. Definitions: Definitions of key terms used in the agreement, including references to defined terms from the original agreement that remain applicable

4. Reference to Original Agreement: Specific identification of the original settlement agreement being amended, including its date and parties

5. Amendments: Clear articulation of specific modifications to the original agreement, including deleted, modified, and new provisions

6. Reaffirmation: Confirmation that all unmodified provisions of the original agreement remain in full force and effect

7. Settlement Terms: Updated settlement terms, including any modified payment terms, releases, or obligations

8. Effectivity: When and how the amendments take effect

9. Representations and Warranties: Updated statements of fact and guarantees by the parties

10. Governing Law: Confirmation of Philippine law as governing law and jurisdiction

11. Execution: Signature blocks and execution requirements

Optional Sections

1. Confidentiality: Terms regarding confidentiality of the amended agreement, used when parties wish to keep settlement terms private

2. Tax Provisions: Specific provisions regarding tax implications and responsibilities, included when settlement involves significant monetary terms

3. Compliance with Court Orders: Reference to and compliance with any relevant court orders, included when the settlement was court-supervised

4. Non-Disparagement: Mutual agreements not to make negative statements about other parties, included in sensitive disputes

5. Dispute Resolution: Specific procedures for resolving future disputes, included when parties want to specify arbitration or mediation

6. Further Assurance: Commitment to execute additional documents if needed, included in complex settlements

7. Severability: Provision for survival of terms if others are invalidated, included in complex agreements

Suggested Schedules

1. Schedule A - Original Agreement: Copy of the original settlement agreement being amended

2. Schedule B - Payment Schedule: Updated payment terms and schedules, if applicable

3. Schedule C - Released Claims: Detailed list of claims being settled or released

4. Schedule D - Corporate Authorizations: Copies of corporate resolutions or other authorization documents

5. Schedule E - Court Orders: Copies of relevant court orders or judicial approvals

6. Appendix 1 - Comparison Version: Redlined version showing changes from original agreement

7. Appendix 2 - Supporting Documents: Any additional documents referenced in the amended agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Relevant Industries

Legal Services

Financial Services

Insurance

Real Estate

Construction

Manufacturing

Mining

Healthcare

Retail

Technology

Transportation

Energy

Telecommunications

Professional Services

Education

Relevant Teams

Legal

Compliance

Risk Management

Corporate Secretariat

Executive Leadership

Finance

Business Development

Operations

Contract Administration

Dispute Resolution

Relevant Roles

Legal Counsel

Corporate Secretary

Chief Legal Officer

Compliance Officer

Risk Manager

Chief Executive Officer

Chief Financial Officer

Contract Manager

Dispute Resolution Officer

Settlement Administrator

Corporate Lawyer

Paralegal

Legal Operations Manager

Business Development Manager

Claims Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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