Settlement agreement

Hi Guys,

I intend to enter into a settlement agreement with two other parties regarding a vehicle accident that involved the three of us. Me and the second party will be compensating the third party for the damages caused to his vehicle. I intend to create an agreement between the three of us detailing the terms and conditions.

My queries are:

1) What denomination of Non-Judicial Stamp Paper should I use for making the agreement?

2) Is it compulsory to register such a settlement agreement? If yes, then where do I register such an agreement?

Any help and advise in this regard shall be highly appreciated.

Thanks