Common use of Compromise and Settlement Clause in Contracts

Compromise and Settlement. 1. Except as expressly described in Section C.2, and in consideration of and specifically upon execution of this Agreement and satisfaction of all the payment obligations in Section D below, the Settling Parties on their own behalf and on behalf of their respective heirs, predecessors, successors, past, present, and future members, managers, officers, directors, shareholders, employees, representatives, agents, consultants, insurer(s) and attorneys (referred to collectively below as “Representatives”) release and forever discharge each Settling Party and each Settling Party’s Representatives from any and all claims, liens, demands, damages, actions, causes of action, or suits of any kind or nature whatsoever related to or arising out of the Incident, whether known or unknown, including all expenses, costs, attorneys’ fees, and for damages of every kind, nature, or basis arising out of or relating to the Incident. This release includes insurance coverage (including, but not limited to, additional insured (“AI”) requests) and claims for contribution or indemnity. 2. Blue Bucket and ▇▇▇▇ expressly reserve their claims against each other. 3. This Section C is not intended to and does not release claims for breach of this Agreement. 4. The Settling Parties acknowledge and assume the risk that the alleged damages may be other than what the Settling Parties now believe, that new or unforeseen damages may occur, or that the alleged damages may not be as severe as alleged. The Settling Parties acknowledge that their information regarding the facts alleged is sufficient to enter into this Agreement. Each Settling Party therefore accepts and assumes all risk and agrees that this Agreement shall be and remain in all respects effective and not subject to termination or rescission by virtue of any mistake, change, or difference in facts. 5. The Settling Parties represent and warrant that the rights, responsibilities, and liabilities that are the subject of this Agreement have not been assigned or otherwise conveyed by them or by anyone on their behalf, in whole or in part, contingent or present, to any person, entity, or organization. The Settling Parties further represent and warrant that they will not assign rights, responsibilities, and/or liabilities that are the subject of this Agreement, in whole or in part, contingent or present, to any person, entity, or organization subsequent to signing this Agreement. 6. The Beneficiary Parties agree and warrant that all expenses incurred to date or which will be incurred in the future, which are related in any way to claims being released herein, have either been paid or will be paid from the proceeds of this settlement, other than expenses that might be recovered by Blue Bucket and ▇▇▇▇ as a result their remaining claims against each other. The Beneficiary Parties further agree and warrant that they will hold each Released Party and each Released Party’s Representatives harmless from any claim for any such expense whenever incurred and, if any suit is filed against a Released Party to collect such claim, will accept the tender of defense of any such claim, defend it at their expense and pay any judgment entered therein and agree to compensate the Released Party for any expense or liability incurred as a result of the filing of such suit.