Deed of Settlement of Family Disputes

Deed of Settlement of Family Disputes

This deed of family settlement, made the 6th day of December 1999 between AB of, etc., of the first part, and CD of etc., of the second part.

Whereas the business and undertaking described in Schedule A hereunder were started and carried on, organised and developed by AB by his own initiative and efforts in his own name and with his own capital and whereas the movable and immovable properties described in Schedule A hereunder have also been acquired by AB out of the moneys of the said business in his name and for his use and benefit and whereas the said CD, who is the son of the deceased elder brother of AB has been living with AB for some time past and was at all times treated as a member of his family under the care and patronage of AB as an assistant or helper in his said business for which he was paid a share of profits as his remuneration and whereas the said CD having thus contributed his labour and skill for the growth and development of the said business and rendered valuable services claims to be and has set up and asserted his right as an equal partner thereof and so also as moiety holder of said properties which right and claim are denied and disputed by the said AB and whereas in the circumstances aforesaid disputes and differences having thus arisen between the parties and with a view to save themselves from ruinous litigation and for the sake of peace and preservation of the honour and dignity of the family they have themselves settled and/or adjusted their said disputes and differences as follows:

1. That it is hereby agreed and declared by and between the parties as follows, viz. that the said AB shall at all times hereafter hold own, possess and enjoy as full and absolute owner the business and properties mentioned and described in Schedule B and that the said CD has at present no right nor any claim or interest therein which is hereby expressly relinquished by the said CD in favour of the said AB to all intents and purposes.

2. That it is further agreed and declared that the said CD shall likewise at all times hereafter own, possess and enjoy the properties mentioned in Schedule C without any claim or demand by the said AB on any account whatsoever for which purpose they are hereby expressly granted, conveyed, transferred, assigned and assured by the said AB unto and to the use of CD.

3. That it is further agreed and declared that all disputes and differences as between the parties as regards account and mutual dealings etc. in relation to said business and the properties have been fully and finally adjusted and settled and in any event neither party has any claim against the other on any account whatsoever and this deed of family settlement shall not be reopened on any ground whatsoever.

And that the parties hereto in so far as it relates to their respective acts, deeds and things covenant with each other that they have not done, executed, performed nor suffered anything to the contrary whereby or by reason whereof the properties hereunder settled may be in any way affected or prejudiced in title or estate or they or any of them are or is hindered or prevented from settling the same in the manner hereinbefore indicated.

Schedule A

Schedule B

Schedule C

In witness whereof the parties hereto have signed these presents on the day, month and year first above-written.

Signed, sealed and delivered by AB in the presence of:

Signed, sealed and delivered by CD in the presence of: