The Company and the overseas supplier after due consideration and deliberation have amicably settled all the outstanding business discord and disputes. After execution of the Settlement Agreement both the Parties shall withdraw all pending law suits and the pending arbitration in due course. As per the terms of the Settlement Agreement, the Company shall, subject to approval of the Reserve Bank of India, pay to the overseas supplier certain amount in consideration of the settlement of the outstanding business discord and dispute which has been determined to a one time lumpsum Settlement Amount of US$ 714,000 (United States Dollar Seven Hundred and Fourteen Thousand only) besides purchase of certain quantity of product at a price agreed between the Parties, subject to the terms and conditions mentioned in the Settlement Agreement.