Insurance Settlement Agreement Template for Saudi Arabia

1. Third Party Rights: Required when the settlement affects rights of parties not directly involved in the agreement

2. Tax Implications: Include when settlement has significant tax consequences that need to be addressed

3. Regulatory Approvals: Required when settlement requires specific regulatory clearances

4. Future Claims Provision: Include when there's a possibility of related future claims that need to be addressed

5. Language Provision: Required when agreement is bilingual (Arabic/English) to establish prevailing language

6. Installment Payment Terms: Include when settlement amount is to be paid in installments

7. Non-Admission of Liability: Optional clause stating settlement does not constitute admission of liability

8. Indemnification: Include when specific indemnification obligations need to be outlined

1. Schedule 1 - Policy Details: Details of the original insurance policy, including policy number, coverage, and terms

2. Schedule 2 - Claim Documentation: List of all relevant claim documents, incident reports, and supporting evidence

3. Schedule 3 - Settlement Calculation: Detailed breakdown of how the settlement amount was calculated

4. Schedule 4 - Payment Schedule: If applicable, detailed payment plan including dates and amounts

5. Schedule 5 - Required Releases: Forms of any additional releases required from third parties

6. Appendix A - Powers of Attorney: Copies of relevant powers of attorney or authorization documents

7. Appendix B - Corporate Approvals: Copies of corporate approvals or board resolutions if required

8. Appendix C - Regulatory Notifications: Copies of any required regulatory notifications or approvals