A Sample of Deed of Settlement in Tanzania.

DEED OF SETTLEMENT

This Settlement Agreement is made this……………. day of………………. 2023 BETWEEN

XXXXXX of P. O. Box 555, Dar es Salaam, (hereinafter called “the Plaintiff”), of one party;

AND

ZZZZZZZ, of P.O Box 650, Dar es Salaam, (hereinafter called ‘the Defendant’), of the other party.

WHEREAS In january, 2023 the Plaintiff instituted a suit, Civil Case No. 43of 2023 in the High Court of the United Republic of Tanzania- Dar es Salaam District Registry at Dar es Salaam claiming the sum of Tshs. 180,000,000/= being loan amount and interests paid to Smartmatic & Associates Co. Ltd through a Loan Facility Agreement executed by the Plaintiff and Smartmatic & Associates Co. Ltd and guaranteed by the Defendant.

Following a discussion by the parties, The Plaintiff and Defendant herein (hereinafter the ‘parties’) have mutually agreed to settle the claims on terms and conditions to be recorded and be deemed a decree of the Court.

NOW THEREFORE, in consideration of the promises and mutual covenants of the parties hereto as set forth hereinafter, it is AGREED and DECLARED as follows:-

1. AGREEMENT

The Defendant shall pay the Plaintiff a total of Tshs. 115,000,000/= to cover the outstanding loan amount plus interests.

2. MODE OF PAYMENT

That the Defendant shall pay the same amount through the Plaintiff’s bank account.That upon payment of the agreed amount the Defendant may deploy any means appropriate to him in recovering the paid amount from Smartmatic & Associates Co. Limited.

3. COSTS: All costs and expenses incurred in connection with the suit and / or this Agreement including, but without limitation to professional and court fees shall be borne by the party incurring such expenses.

4. DECREE:

This Agreement shall upon being filed in court, have the same effect as a decree dully made by the court capable of being executed in the same manner as any other decree of court and shall immediately have effect of terminating the suit filed against the Defendant.

5. MISCELLENEOUS:

This Agreement shall be governed by the laws of the United Republic of Tanzania. This Agreement shall be effective on the date it shall be signed by both parties.

That upon executing this Agreement, the Plaintiff shall withdrawal the suit in line with the terms and conditions of this Agreement. No waivers of the breach of the terms of or any default under this Agreement shall be deemed a waiver of any subsequent breach or default in any way affect the other terms of this Agreement.

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the day and year first above written.

SEALED by the COMMON SEAL and Delivered at Dar es Salaamby ZZZZZZZidentified to me by ……………. ______[SEALED]_________ the latter being personally known to me SEAL this [date] day of [Month]2021 Name : Qualification: DIRECTORSignature:

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