The Arbitration Settlement Agreement is a crucial document used when parties involved in arbitration proceedings in the UAE decide to resolve their dispute through mutual agreement rather than proceeding to a final arbitral award. This document, governed by UAE Federal Law No. 6 of 2018 and related legislation, is typically employed after settlement negotiations have succeeded but before the arbitral tribunal issues its final award. It comprehensively documents the agreed terms of settlement, including any financial arrangements, mutual releases, and implementation steps. The agreement must comply with UAE legal requirements to ensure enforceability and should address specific jurisdictional considerations, particularly if enforcement might be required in DIFC or ADGM courts. It serves as both a termination of the existing arbitration and creation of new, binding obligations between the parties.
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1. Parties: Identification of all parties to the settlement agreement, including full legal names, addresses, and registration details
2. Background: Details of the original dispute, arbitration proceedings reference, and events leading to the settlement
3. Definitions: Definitions of key terms used throughout the agreement
4. Settlement Terms: Clear statement of the agreed settlement terms, including any monetary payments, actions, or obligations
5. Payment Terms: Detailed payment arrangements, including amounts, currency, timing, and payment methods
6. Mutual Release: Provisions for mutual release of claims related to the dispute
7. Confidentiality: Obligations regarding confidentiality of the settlement terms and related information
8. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant jurisdiction details
9. Enforcement: Provisions regarding the enforcement of the settlement agreement
10. Entire Agreement: Confirmation that this document represents the entire agreement between the parties
11. Execution: Signature blocks and execution requirements
1. Non-Admission of Liability: Statement that the settlement does not constitute admission of liability (used when specifically requested by a party)
2. Tax Implications: Provisions dealing with tax consequences of the settlement (used when settlement involves significant financial components)
3. Third Party Rights: Provisions regarding rights of third parties (used when settlement affects third party interests)
4. Further Assurance: Obligations to execute additional documents (used for complex settlements requiring additional implementation steps)
5. Costs: Allocation of legal and arbitration costs (used when costs need to be specifically addressed)
6. Severability: Provisions for maintaining validity if parts are found unenforceable (used in complex agreements)
7. Force Majeure: Provisions for unforeseen circumstances affecting implementation (used when settlement involves ongoing obligations)
1. Payment Schedule: Detailed breakdown of payment installments and dates
2. Release Documentation: Forms of release or withdrawal documents to be filed with relevant authorities
3. Asset Transfer Schedule: Details of any assets to be transferred as part of the settlement
4. Implementation Timeline: Timeline for implementing various aspects of the settlement
5. Power of Attorney: Any required powers of attorney for implementing the settlement
6. Original Dispute Documents: Key documents from the original dispute for reference
7. Corporate Authorizations: Corporate approvals and authorizations for the settlement
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