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1. Parties: Identification of all parties involved - the insurer, insured, and any third parties involved in the claim
2. Background: Details of the original insurance claim, including date, nature of loss, and claim reference numbers
3. Definitions: Key terms used in the document including 'Subrogation Rights', 'Original Claim', 'Settlement Amount', and other relevant terms
4. Settlement Amount: Clear statement of the settlement amount being paid
5. Release and Discharge: The formal release of rights and claims by the insured to the insurer
6. Acknowledgment of Rights: Acknowledgment of the insurer's right to pursue recovery against third parties
7. Warranty and Representation: Insured's warranty that they have not already settled with or released any third parties
8. Governing Law: Specification that South African law governs the agreement
9. Signature Block: Space for dated signatures of all parties
1. Confidentiality: Required when the settlement terms need to remain confidential
2. Partial Release: Used when only certain aspects of the claim are being released
3. Third Party Rights: Required when specific third party rights need to be addressed or preserved
4. Further Assurance: Optional clause requiring parties to execute additional documents if needed
5. Witness Requirement: Added when additional formality is required for the execution
1. Schedule A - Claim Details: Detailed description of the original insurance claim and policy details
2. Schedule B - Settlement Calculation: Breakdown of the settlement amount and any deductions
3. Appendix 1 - Supporting Documents: List of relevant documentation such as policy numbers, claim forms, and correspondence
Insurance
Financial Services
Legal Services
Construction
Manufacturing
Transportation and Logistics
Real Estate
Healthcare
Retail
Professional Services
Legal
Claims
Risk Management
Compliance
Operations
Underwriting
Document Management
Recovery and Collections
Client Relations
Policy Administration
Claims Manager
Insurance Underwriter
Risk Manager
Legal Counsel
Compliance Officer
Insurance Broker
Claims Adjuster
Recovery Specialist
Insurance Administrator
Contract Manager
Legal Risk Analyst
Insurance Operations Manager
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