Private Settlements

$160 $181 IVAI

Preparation of agreements to document the terms and conditions agreed upon by the parties, to terminate a business relationship.

Estimated Delivery Time

1-2 days

Why are Private Settlements important?

Private Settlements are important in Costa Rica because they represent the termination of a contractual or commercial relationship. These documents are fundamental for both parties, since they protect their rights and obligations and avoid future legal conflicts, accepting the release of liability to the extent that the parties agree. PredictaBill is responsible of drafting and managing settlements, providing legal advice, and ensuring that all applicable legal requirements are met, as well as providing for future circumstances in the parties need to settle.

Why is it necessary to execute a Private Settlement at the end of a contractual relationship?

It is advisable to sign a Private Settlement whenever a business relationship is finished, regardless of whether it has been outlined in an initial contractual document. This service is especially useful when seeking to establish a Private Settlement quickly and efficiently, avoiding bureaucratic and costly procedures. PredictaBill takes care of drafting and validating the private settlement, ensuring that it complies with all legal requirements and providing peace of mind and legal certainty to both the client and the counterparty involved.

Why PredictaBill?

Fast and accurate legal procedures

Streamline legal processes by drafting contracts and documents accurately, saving time and avoiding issues.

Alternative to hourly billing

Fixed rate regardless of product/service

Efficiency in notarial processes

Save time and effort by more efficiently drafting documents for notarial procedures

Essential Documents

Parties:

Corporate name
Corporate ID number
Address

Representative and personal information:

Name
Civil status
Profession / Occupation
ID number
Address and place to service notifications (physical address or email)

Confirm reason for the settlement.

Send a copy of the original contract or any other sort of document executed by the parties (i.e., Letter of Intent, Memorandum of Understanding, etc.).

Confirm if there are pending obligations.

Acquire Private Settlements

Terms and conditions

The price indicated here has been estimated assuming that the requested document will be delivered in digital format, or that you will pick up the physical version at the PredictaBill offices. Alternatively, you can request that the document be sent to the location you specify, by courier or Costa Rica postal service, in which case the costs and delivery times that will be indicated at the time of processing the payment for the service will apply

FAQ

1. What is a Private Settlement?

A Private Settlement is a legal agreement between certain parties that are or were bound by a commercial relationship. This document expresses the will of the parties in which they declare that all obligations have been fulfilled and the relationship has been satisfactorily terminated, or they declare which obligations are still pending and how they intend to be executed. This document is drafted and signed by both parties without the intervention of a public notary.

2. Is it obligatory to make a Private Settlement?

No, the Private Settlement is not mandatory in Costa Rica. However, it is highly recommended for both parties, since it provides legal certainty and avoids future conflicts, since through it the parties are released from liability, totally or partially, as agreed upon.

3. What information should a Private Settlement include?

A Private Settlement must include the complete identification of the parties, the date of termination of the relationship, the total amount of amounts outstanding or already paid, the voluntary waiver of any future claims, and the signatures of both parties.

4. Is it necessary to register the Private Settlement before any entity?

No, the Private Settlement does not need to be registered before any entity in Costa Rica. However, it is recommended to keep a copy of the document signed by both parties as a backup in case of future disputes.

5. What happens if one of the parties does not comply with what was agreed in the Private Settlement?

If one of the parties does not comply with what was agreed in the Private Settlement, the affected party may resort to the courts or arbitration venue established in the settlement to enforce its rights. It is important to have proof and evidence to support the claims made.