SETTLEMENT AGREEMENT
THIS AGREEMENT is made on the ----- day of June 2016
Between
M/s Rakfix llc, P.O Box: 6575, Ras Al Khaimah, UAE hereinafter referred to as the First Party, represented by Mr. --------- in his capacity as -------- of the company.
And
M/s Al Rahji Development Co. llc - Oman, P.O Box:1833; P.C:133 hereinafter referred to as the Second Party, represented by Mr. --------- in his capacity as -------- of the company.
PREAMBLE
Whereas the First Party has filed the commercial case No. 46/2015 before Muscat Primary court against Second Party and the court passed a judgement against the Second party directing them to pay OR 894,378.076/- along with expenses and OR 200/- as lawyer fee totaling to O.R 898,078.076/- Now the first Party have filed execution before the court vide No. 1046/2016 against the Second Party
Whereas the Second Party intend to settle the dues by paying a total amount of OR ---------------/- by paying the same at one installment so that the file can be closed for one and all.
Whereas First party accepts the offer made by the second party and both parties are willing to reach final settlement between them.
Therefore this agreement has been made between both parties on the following terms and conditions:-
1- The above preamble is an integral part of this agreement.
2- The Second Party agrees to pay R.O. ---------/-(Rial Omani ------only) as a full and final settlement to the First party to close the case and First party also accepts the same.
3- Both the parties agree the mode of payment as follows:
Second party shall pay a sum of O.R -------- ( Riyals Omani ----------) as full and final settlement and the payment shall be made within Three (3) days from the date of signing this agreement.
4- In the event of Second Party’s failure to perform its duties made in the abovementioned clause for any reason and at any time, the remaining balance of the full indebtedness, interests, suit fees as per the Primary Court order shall be realized from the first party by filing execution before the court.
5- This Agreement shall be annexed with the minutes of Primary case No. 46/2015 in Muscat Primary court, Commercial section, in order to prove its content and which shall be considered as powerful as the execution bond.
6- The parties has to execute three copies of agreement as original and each parties should hold one and one should submit before Muscat Primary court.
7- Both the parties agreed to deposit a copy of this Agreement in the file of case No. 46/2015 Muscat Primary Court, in order to work in accordance with its abovementioned terms and conditions.
8- This Agreement has been executed on this…day of June 2016.
First Party:
Rakfix llc
Signature:
ID.No.
Second Party:
Al Rahji Development Co. llc
Signature:
ID.No.