Settlement agreement—arbitration
Produced in partnership with Latham & Watkins
PrecedentsSettlement agreement—arbitration
Produced in partnership with Latham & Watkins
Precedents
This settlement Agreement is made on [date]
Parties
1
[Name of entity], a [type of entity] with [type of liability] incorporated under the laws of [jurisdiction] with its registered address at [address] and with company number [company number] (Party 1); and
2
[Name of entity], a [type of entity] with [type of liability] incorporated under the laws of [jurisdiction] with its registered address at [address] and with company number [company number] (Party 2),
each a ‘Party’ and together the ‘Parties’.
Recitals:
(A)
A dispute has arisen between the parties [add relevant detail to give context to the dispute] (the Dispute).
(B)
On [date], Party 1 commenced arbitration proceedings against Party 2 (the Arbitration). On [date], the tribunal (comprising [arbitrators]) was appointed (the Tribunal).
(C)
[Provide further background information available to give context to this Agreement, including a brief description of the Arbitration, the arbitration agreement, the Rules/procedures governing the Arbitration, whether the Arbitration is being administered by an arbitral institution and the case number (if available).]
(D)
By this Agreement, the Parties have agreed that they wish to fully and finally
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
the arbitration agreement definition
What does the arbitration agreement mean?
party consent is at the heart of arbitration, and the arbitration agreement (or arbitration clause) represents a mutual, contractual agreement between the parties to resolve disputes by arbitration, rather than by submitting to the jurisdiction of national courts. Those new to arbitration may be involved with advising on the initial choice of arbitration and drafting the precise wording of the arbitration agreement or clause. The arbitration agreement is also of central relevance when, for example, commencing/responding to arbitration proceedings, assessing the jurisdiction of the tribunal (both pre- and post-award), and potentially during award set-aside and/or recognition and enforcement proceedings. AA 1996—the arbitration agreement—England and Wales—overview contains links to practical guidance on matters related to arbitration agreements, including how they can be drafted, the requirements for a valid and enforceable arbitration agreement, what disputes are capable legally of being resolved by arbitration (ie whether they are arbitrable), and the ‘separability’ of the arbitration clause from any wider contract in which it is found
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