So You Successfully Settled a Formal Contract Dispute... Now What?
OK, so you had a formal contract dispute—maybe it almost went to court or maybe it even did—but, being the procurement pro you are, you successfully negotiated a settlement agreement with the vendor before things got even more ugly. Now what? How do you memorialize the settlement agreement? Via another contract, of course, which contains releases and undertakings of the parties based on what was agreed-upon as a part of the settlement. I hope you never have a need to use the attached document, but just in case, I've posted what resulted from a recent unfortunate opportunity that required me to draft a settlement agreement. You can download the settlement agreement contract template here.
In the attached settlement agreement, the party that is paying some amount to the other party is the Offeror Company and the party receiving such amount is the Offeree Company. Basically, the items that must be changed are in brackets so that you can do an easy find and replace.
In the attached settlement agreement, the party that is paying some amount to the other party is the Offeror Company and the party receiving such amount is the Offeree Company. Basically, the items that must be changed are in brackets so that you can do an easy find and replace.
Great post. While many employers remember to conduct background checks on their own employees they either assume that their contractors have done the same or they completely forget to inquire about their vetting process. This exposes the company, their employees and their customers to significant risk. I recently wrote an article on this very topic. http://university.employeescreen.com/articles/Contractor_Performed_Check
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Great post indeed. Thanks for your link aswell, Nick.
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