The long-running legal dispute centers on illegal downloads of Oracle software and support materials by SAP subsidiary TomorrowNow, which offered lower-cost support services for Oracle software. SAP admitted liability for actions taken by TomorrowNow workers, and a Oracle US$1.3 billion in damages in November 2010.
But a judge later set aside that award, calling it excessive, and gave Oracle the choice of accepting $272 million or seeking a new trial to determine damages.
Oracle chose a new trial, which had been scheduled to begin Aug. 27.
"To save the time and expense of this new trial ... the Parties stipulate to entry of judgment in the amount of $306 million," Oracle and SAP said in the joint filing on Thursday.
The agreement means Oracle can immediately file its appeal of the ruling that rejected the $1.3 billion award, the company said in a statement.