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Arbitration Settlement Agreement

Arbitration Settlement Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Arbitration Settlement Agreement

"I need an Arbitration Settlement Agreement for a construction dispute between our UAE-based company and a Saudi contractor, including staged payment terms totaling AED 15 million to be completed by March 2025, with specific provisions for the handover of project documentation."

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Document background
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.
Suggested Sections

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

Optional Sections

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)

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Construction

Real Estate

Banking and Finance

Energy and Resources

Maritime and Shipping

Technology

Manufacturing

Trading and Commerce

Healthcare

Infrastructure

Telecommunications

Professional Services

Hospitality

Aviation

Relevant Teams

Legal

Compliance

Risk Management

Finance

Corporate Affairs

Executive Leadership

Commercial Operations

Contract Administration

Treasury

Corporate Governance

Relevant Roles

Legal Counsel

Arbitration Lawyer

Corporate Lawyer

General Counsel

Chief Legal Officer

Dispute Resolution Manager

Contract Manager

Compliance Officer

Risk Manager

Chief Executive Officer

Chief Financial Officer

Commercial Director

Settlement Officer

Legal Operations Manager

Company Secretary

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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