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Tripartite Settlement Agreement

Tripartite Settlement Agreement Template for New Zealand

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Key Requirements PROMPT example:

Tripartite Settlement Agreement

"I need a Tripartite Settlement Agreement under New Zealand law for resolving a construction dispute between our development company, the main contractor, and a subcontractor, with staged payments starting from March 2025 and including specific performance milestones for completing remedial works."

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Document background
The Tripartite Settlement Agreement is a specialized legal instrument used in New Zealand when three parties need to formally resolve disputes, conclude complex transactions, or establish detailed arrangements binding all parties. This document type is particularly valuable in situations involving interrelated obligations, mutual releases, and complex commercial or financial arrangements where bilateral agreements would be insufficient. The agreement must comply with New Zealand contract law, including the Contract and Commercial Law Act 2017, and typically includes comprehensive provisions for settlement terms, releases, confidentiality, and future obligations. It's commonly used in corporate restructuring, complex commercial disputes, insurance settlements, or when unwinding multi-party business relationships.
Suggested Sections

1. Parties: Identifies and defines all three parties to the agreement with their full legal names and details

2. Background: Sets out the context of the dispute or circumstance leading to the settlement, including relevant dates and events

3. Definitions and Interpretation: Defines key terms used in the agreement and establishes interpretation rules

4. Settlement Terms: Details the core settlement provisions including any payments, actions, or obligations

5. Release and Discharge: Comprehensive release provisions between all parties

6. Confidentiality: Terms regarding confidentiality of the settlement and its terms

7. Non-Disparagement: Mutual obligations regarding public statements and communications about other parties

8. Tax and Costs: Allocation of tax liabilities and legal costs

9. Governing Law and Jurisdiction: Confirms New Zealand law governs and specifies jurisdiction for disputes

10. General Provisions: Standard boilerplate clauses including entire agreement, severability, and variation

Optional Sections

1. Ongoing Obligations: Include when parties have continuing obligations post-settlement

2. Specific Performance Requirements: Include when settlement requires specific actions to be taken by parties

3. Third Party Rights: Include when settlement affects rights of parties not signing the agreement

4. Regulatory Compliance: Include when settlement involves regulated activities or requires regulatory approvals

5. Intellectual Property Rights: Include when settlement involves IP rights or licensing

6. Non-Competition Provisions: Include when settlement includes restraint of trade or non-compete obligations

7. Insurance and Indemnities: Include when specific insurance requirements or indemnities are part of settlement

8. Dispute Resolution Process: Include when specific dispute resolution mechanisms are agreed for future disputes

Suggested Schedules

1. Schedule 1 - Settlement Payment Details: Details of any monetary settlements including payment terms and mechanisms

2. Schedule 2 - Release Deed: Form of release deed if separate execution required

3. Schedule 3 - Agreed Public Statement: Any agreed form of public announcement or statement about the settlement

4. Schedule 4 - Timeline of Actions: Detailed timeline for any actions required under the settlement

5. Schedule 5 - Related Agreements: List and copies of any related agreements affected by the settlement

6. Appendix A - Supporting Documents: Key documents referenced in the agreement or relevant to the settlement

7. Appendix B - Execution Requirements: Specific requirements for execution including any necessary board resolutions or authorizations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Clauses
Interpretation
Definitions
Settlement Terms
Payment Obligations
Conditions Precedent
Release and Discharge
Mutual Release
Confidentiality
Non-Disclosure
Non-Disparagement
Representations and Warranties
Tax Treatment
GST
Costs and Expenses
Further Assurance
Assignment
Severability
Entire Agreement
Variation
Waiver
Force Majeure
Notices
Governing Law
Jurisdiction
Dispute Resolution
Execution
Counterparts
Third Party Rights
Time of Essence
Survival
Indemnification
Announcements
Termination
Compliance with Laws
Authority and Capacity
Relevant Industries

Financial Services

Insurance

Construction

Real Estate

Manufacturing

Professional Services

Technology

Healthcare

Energy

Transportation

Retail

Mining and Resources

Education

Telecommunications

Relevant Teams

Legal

Compliance

Risk Management

Corporate Affairs

Finance

Operations

Executive Leadership

Company Secretariat

Business Development

Commercial Operations

Relevant Roles

Legal Counsel

Chief Legal Officer

Commercial Director

Risk Manager

Compliance Officer

Chief Executive Officer

Chief Financial Officer

Contract Manager

Business Development Manager

Operations Director

Company Secretary

Settlement Officer

Dispute Resolution Manager

Corporate Affairs Manager

Industries
Contract and Commercial Law Act 2017: Primary legislation governing formation and enforcement of contracts in New Zealand, including electronic transactions and contractual remedies
Property Law Act 2007: Relevant for any settlement provisions dealing with property rights or interests, and requirements for deed execution
Limitation Act 2010: Sets time limits for bringing civil claims and how these interact with settlement agreements
Privacy Act 2020: Governs the collection, use, and disclosure of personal information, relevant for confidentiality clauses in settlement agreements
Income Tax Act 2007: Relevant for tax implications of settlement payments and requirements for tax indemnities
Disputes Tribunal Act 1988: May be relevant if the settlement agreement includes provisions about dispute resolution mechanisms
Fair Trading Act 1986: Ensures no misleading or deceptive conduct in the context of the settlement negotiations and agreement
Contractual Mistakes Act 1977: Relevant for addressing potential mistakes in the settlement agreement and their consequences
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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