Property damage settlement agreement template (Property damage settlement)

Property Damage Settlement Agreement (template)

Fill in the “◯” blanks. Party A and Party B are the parties (real names and addresses go in the signature block). This is a general example, not legal advice.

Party A and Party B finally resolve, on the terms of this agreement, the compensation for damage to Party A's property caused by the accident described below (the "Accident").
Date, time and place: ◯
How it happened: ◯
Damaged property: ◯

Article 1 (Compensation)
Party B acknowledges owing Party A $◯ as compensation for the damage from the Accident. The fault ratio is Party A ◯ : Party B ◯, and is already reflected in the amount above.

Article 2 (Payment)
Party B shall pay the compensation by ◯ (date), by transfer to the bank account designated below by Party A. Transfer fees are borne by Party B.
Account: ◯ Bank, ◯ Branch, ordinary account No. ◯ (holder: ◯)

Article 3 (If payment is missed)
If Party B fails to pay, Party B shall pay late-payment damages at ◯% per year, from the day after the due date until payment is complete.

Article 4 (Full and final settlement)
The parties confirm that, except as set out in this agreement, neither owes the other any obligation in connection with the Accident — provided that if damage not known at the time of this agreement turns out to have been caused by the Accident, the parties will agree on how to handle it.

Why keep it in Twosure instead of on paper or in a note

• Every party verifies their identity (SMS or photo ID) before signing, so it is harder to claim “I didn’t sign that”.
• Once finalized, it cannot be changed through the app. Share the verification link and a third party can check the content too.
• You don’t have to meet in person: it takes about 5 minutes on a phone.

Templates in the same category

• Settlement agreement template (Settlement payment)
• Agreeing on a refund: agreement template
• Post removal agreement template (Removing a post)

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