Any contract or instrument executed after July 1, 1974 within this State in payment, satisfaction, settlement, or compromise of any claim or cause of action abolished by this chapter, whether such claim or cause of action arose within or outside this State, is contrary to the public policy of this State and absolutely void. Nothing in this section shall affect the rights of parties to settle or compromise any suit duly begun or pending on July 1, 1974. (Added 1973, No. 198 (Adj. Sess.).)