1 Within 10 days, a formal agreement and a liquidation contract will be prepared and signed.
2 Within 7 days of signing the formal agreement stated above, BUCG will cease enforcement action for Hanoi People’s Court judgment and cancel all claims related to this judgment. Confirmation will be sent to Comin Vietnam.
3 Within 7 days of signing the formal agreement stated above, Comin Vietnam will cease ICC Arbitration proceedings and cancel all claims related to these proceedings. Confirmation will be sent to BUCG.
4 BUCG pays all Court fees for Hanoi People’s court.
5 BUCG will pay the full value of Comin Vietnam Final Account in the sum of US$ 527,017.89 less the settlement discount amounts noted herein.
6 Both parties agreed not to pursue existing claims or make further claims against the other party apart for the agreed amount in item 9.
7 BUCG will prepare and sign a Contract Liquidation in the above terms stipulating that no further contractual action relating to the contract to be taken other than the final payment.
8 A settlement discount of US$ 497,017.89 is to be deducted from the agreed Final Account if provided both parties strictly comply with the above terms and conditions. Failure to comply fully with the above agreed terms and conditions will result in the withdrawal of this settlement discount offer.
9 The amount due of $30,000 will be paid to Comin Vietnam within 14 days of signing a formal agreement and confirmation that the parties have ceased all actions related to the Hanoi People’s Court Judgment and ICC Arbitration.