Compromise and Settlement
Agreement to resolve a dispute by mutual concessions.
Detailed Explanation
A Compromise and Settlement Agreement is a contract used to resolve a dispute where parties agree to mutual concessions to avoid or end litigation. Unlike a simple release, a compromise implies that both sides are giving up something (e.g., one party pays less than demanded, and the other accepts less than owed) to reach a final resolution. It acts as a bar to future legal action regarding the same dispute and is often used in debt settlement or civil liability cases.