Settlement agreement: goods and services

Simple agreement to negotiate the terms on which a supplier will accept part payment in acknowledgement of the delivery of faulty goods or services. Suitable only for use between businesses.
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About this document

This Settlement and Release agreement sets the terms between a supplier of goods or services and a customer who is unhappy with the goods or services provided.

As drawn, the supplier acknowledges that the goods or services were not satisfactory and agrees to settle for a specified sum in full and final payment. The customer will release the funds after the agreement is signed by the supplier.his document is useful for any business or individual finalising full and final payment settlement with a supplier.

Application and features

  • Very flexible to suit the requirements of either or both parties;
  • Provides a complete framework;
  • Protects both sides;
  • Suitable for use in India or abroad.


  • Appropriate legal provisions; warranties, exclusions, indemnities and more;
  • Terms of settlement;
  • Time schedule;
  • Successors and assigns;
  • Jurisdiction;
  • Full definition and practical terms.

This document has been drawn by Rakesh Taneja, unconnected with Net Lawman. Rakesh Taneja will welcome your contact for further legal help. There may be a charge for Rakesh Taneja services.

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