Settlement Agreements have become a commonplace alternative to filing an expensive and drawn-out lawsuit and are also a great tool for ending an expensive and drawn-out lawsuit. When thinking of entering into a settlement agreement, make sure to identify who the key characters are, identify the dispute, list what property is involved, if any, the consequences of a breach, and incorporate releases.
The Basics
It is important to define who the settlement agreement will cover. The best practice is to define who the key characters are and their role in the agreement. This is important because the settlement agreement will only cover whom is listed in the settlement agreement.
Summarizing the facts that give rise to the dispute is important because it explicitly states the reason for the settlement agreement. Additionally, make sure to include that the settlement agreement will resolve any and all issues pertaining to the original dispute and any future issues arising from the original dispute. This is called a release. If you have a dispute that you would like to get resolved, it is always a good idea to hire a competent attorney, such as the West Palm Beach Contract Attorneys @ The Law Office of Ryan S. Shipp, PLLC is located in Lantana Florida, we serve South Florida. Our office can assist you with preparing your Florida settlement agreement.
Further, the settlement agreement should carefully state what consequences will result in the event that either party breaches the settlement agreement’s terms. Possible consequences include monetary damages, the definition of what would constitute a minor or material breach and whether the breaching party is entitled to a period of time to repair the breach. Drafting unambiguous consequences of a breach will avoid future disagreements of either party’s responsibility, and allow the Court to enforce those consequences more easily. The foregoing blog is not legal advice and is general information for drafting your Florida settlement agreement.
It is always recommended that you consult with West Palm Beach Contract Attorneys if you, your business, or loved ones, are dealing with a dispute. The Law Office of Ryan S. Shipp, PLLC is located at 814 W. Lantana Rd. Suite 1, Lantana Florida 33462. We are available for walk-in’s and by appointment. Call us today @ 561.699.0399 to learn more.
