10-2186 Release/Settlement Agreement with Commerical Insurance Alliance

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SETTLEMENT AGREEMENT AND RELEASE KNOW ALL MEN BY THESE PRESENTS: WHEREAS, Garden World of Holiday, Inc. (hereinafter "Garden World") entered into separate contracts with the City of Casselberry for a landscaping project in Casselberry, Florida ("the Casselberry Project"); WHEREAS, Commercial Insurance Alliance ("CIA") issued a bid bond for Garden World for the Casselberry Proj ect in an amount not to exceed $25,000 ("the Bond") in the event that Garden World failed to procure payment and performance bonds for the Casselberry Project; WHEREAS, Garden World failed to procure payment and performance bonds for the Casselberry Project; WHEREAS, the City of Casselberry filed a claim against CIA in the Eighteenth Judicial Circuit in and for Seminole County, Florida, Case Number 09 -CA -6086, for CIA's refusal to pay the bid bond amount for the Casselberry Project; WHEREAS, the parties wish to avoid the expense and uncertainties associated with the continued litigation of this matter. IT IS THEREFORE AGREED AS FOLLOWS 1. The recitations above are true and accurate and are hereby incorporated by reference. 2. In consideration of the payment of Fifteen Thousand Dollars ($15,000) and other good and valuable consideration, receipt and sufficiency of which are hereby acknowledged, Casselberry does hereby release, acquit, and discharge CIA from any and all claims, demands, actions and causes of action, damages, costs, loss of services, expenses, claims for indemnification or contribution, claims for attorney's fees, compensation, claims for defamation and/or slander or any other damages arising out of or related to the Casselberry Project and/or the Bond. 3. It is further agreed that this Release is a full and complete settlement of all liability disputed and denied arising out of or related to the Casselberry Project and/or the Bond, and regardless of the adequacy of the compensation, is intended to avoid further litigation, and there is absolutely no agreement on the part of any party hereto to do anything other than that which is herein expressly stated and clearly agreed to. 4. It is further agreed that this Release extends to, covers, and includes all unknown, unforeseen, unanticipated or unsuspected damages, losses, expenses, liabilities, and the consequences thereof as well as those now disclosed and known to exist.