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To meet the requirements of summary enforcement, an out-of-court written settlement agreement must be signed by the parties themselves and not just their attorneys. In addition, all of the parties to the settlement agreement must sign the agreement and not just the party against whom enforcement is sought.
Consideration is a legal term used to describe the benefit each party to a contract receives. This is often payment in exchange for goods or services. Consideration doesn't actually have to be money though ? it can be anything of value that you get as part of a contract, like equipment or work.
The agreement should set forth what money is being paid for, i.e., the type of damages, as well as the claims it is being paid on. If some damages are taxable and some are not, the settlement agreement should set out, in as much detail as possible, the proportions and rationale.
Under a Compromise Agreement, the employee receives compensation, usually financial, as consideration for their agreement to settle and abandon any potential claims they may have against their employer.
Settlement Consideration means the sum of: (i) the Cash Settlement Amount; (ii) the Settlement Shares; and (iii) the Settlement CVRs, which aggregate amount shall include all attorneys' fees and Litigation Expenses, and all costs related to Notice and Administration Expenses.
Clearly indicate financial terms, the timeline for acceptance, and any conditions for this offer. Often, a settlement will require both parties to sign a confidentiality agreement in which each agrees not to speak about the incident or settlement, and to release all legal claims arising from the incident.
The consideration is the monetary amount of the settlement and anything else either party agrees to. In essence, the consideration is what will end the dispute.
When you accept a settlement offer, you must sign a release before receiving the agreed-upon funds. The release, which is legally binding, contains the terms to which you must adhere before getting your compensation and means the claim is closed and you cannot pursue it further.