In New York, a settlement agreement is binding when both parties have mutually agreed to its terms and have executed the agreement in writing. The settlement agreement must be signed by all parties involved, and the terms of the agreement must be clear and unambiguous.

In addition, in order to be enforceable, a settlement agreement must meet the same requirements as any other contract in New York. This means that the parties must have the capacity to enter into the agreement, there must be a lawful purpose for the agreement, and there must be consideration exchanged between the parties.

It is important to note that once a settlement agreement is executed, it becomes a legally binding contract and is enforceable in court. Therefore, it is crucial that all parties understand the terms of the agreement and are fully aware of the consequences of signing the agreement before doing so.