Settlement Agreement(분쟁초기)
This Settlement Agreement (the Settlement Agreement) is made and entered into as of this () day of (), 200-- by and between Seller Corp.(the Seller),a corporation duly organized and existing under the laws of the Republic of Korea,, having its principal office at ---------------(Seller의 주소) and Buyer Inc.(the Buyer),a corporation duly organized and existing under the laws of ---------(Buyer의 국가), having its principal office at -------------------------(Buyer의 주소).
1. SPECIAL CONSIDERATIONS
This Settlement Agreement is made with regard to 1) Contract Manufacturing Agreement made and entered into as of _______ 200-- between the Seller and the Buyer (the Original Agreement),2) individual agreement made as of _____ 200-- (the Individual Agreement), and 3) D/A Contract made and entered into as of _____ 200-- between the Seller and the Buyer (the D/A Contract).
The Buyer failed to fulfill its duties under the Original Agreement and Individual Agreement and the Seller is entitled compensation for damages caused by such breach of the Buyer. Taking into considerations of the aforesaid situation, the parties agrees to settle as follows:
1) With regard to the Goods, which has already been produced according to the Original Agreement and the Individual Agreement, Buyer agrees to purchase the Goods by the D/A Contract.
2) With regard to all the damages incurred to the Seller by the Buyer, except the Goods themselves, including but not limited to the storage charge, demurrage, ____,____, and ____, the Buyer agrees to pay to the Seller USD______ by ____200-- as settlement amount for the damages (the Settled Damages).
3) In case the Buyer fails to fulfill any of its duties and responsibilities contemplated in the D/A Contract and/or fails to compensate the Settled Damages by due date(s), the Seller shall have the rights to recover its damages arising from or in relation to the said breach including but not limited to the default interest of ____% per annum from the due date until payment.
In no case entering into the D/A Contract shall be construed as any waiver of rights of whatsoever kind of the Seller with regard to the Original Agreement and Individual Agreement, unless and until the D/A Contract is duly performed and fulfilled by the Buyer and the Settled Damages are fully compensated. In case the D/A Contract is not to be achieved or fulfilled by whatsoever reason, the Seller shall retain the rights to recover its damages according to the Original Agreement, the Individual Agreement and/or the D/A Contract.
2. Dominant Agreement
In case any conflict and/or discrepancy exists among the Original Agreement, the Individual Agreement, the D/A Contract and this Settlement Agreement, this Settlement Agreement shall be dominant and prevail over all the others.
3. GOVERNING LAW
The Original Agreement, the Individual Agreement, the D/A Contract, and this Settlement |
2008.04.21
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