BY HAND DELIVERY / REGISTERED POST A.

D/EMAIL

To,

__________________
___________________
____________________

Sub: Settlement Letter

1. We refer to the agreement dated _________ executed between

____________________________________and _________________ (“you”) [ collectively
“Agreement”] for providing such services, as described in the Agreement.

2. In consideration of the services and pursuant to the Agreement, a sum of _________

_____________________________ was due and outstanding to be payable by you to
__________ under the Agreement (“Outstanding Dues”).

3. Pursuant to the arbitration proceedings bearing No. _____, filed before the Arbitral
Tribunal of Sole Arbitrator, ____________, an Award was passed on ______, directing
you to pay a sum of _______ alongwith interest @ ____ p.a. from ________ till date of
Award i.e. ________, and thereafter till payment together with the costs of proceedings
(collectively ”Award”)

4. Since you failed to make payment, ______ was constrained to file an execution petition
bearing No.___ of ___, before Hon’ble City Civil Court _____ to execute the Award.
Meanwhile you also filed a commercial arbitration suit bearing no. __________ under
section 34 of the Arbitration & Conciliation Act to set aside the operation of Award
(collectively “Pending Court Proceedings”)

5. During the course of Pending Court Proceedings, you represented to settle all
Outstanding Dues by paying a sum of __________ (______________) as full and final
discharge of the Outstanding Dues in single tranche (“Settlement Amount”). Relying
upon your representation, we agreed to accept the Settlement Amount in full and final
discharge of the Outstanding Dues against the Agreement. It was also agreed between
the parties that upon receipt of the Settlement Amount, both __________ and you shall
withdraw the respective cases, forming part of the Pending Court Proceedings.
6. Accordingly, vide your email dated ______, you have agreed to pay the Settlement
Amount, being a sum of _________ (__________) vide RTGS bank transfer in
___________________ Branch as follows-

Date Amount Mode Of Payment

7. In view of the payment of Settlement Amount by you, you have successfully discharged
your payment obligations under the Agreement and there are no dues
outstanding/payable by you to ________, under the Agreements.

8. We thank you for support and cooperation in the matter.

For ____________

___________________
Authorized Signatory
Name:
Designation: