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Simple Settlement Agreement And Release Template for Singapore

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Key Requirements PROMPT example:

Simple Settlement Agreement And Release

"Need a Simple Settlement Agreement and Release to resolve a commercial dispute with our software vendor, including a payment schedule of SGD 50,000 to be paid in installments starting March 2025, with strict confidentiality provisions."

Document background
The Simple Settlement Agreement and Release is commonly used in Singapore when parties wish to resolve disputes without pursuing litigation or to end existing legal proceedings. This document is essential for documenting the terms of settlement, protecting parties' interests, and providing finality to disputes. It must comply with Singapore contract law requirements and typically includes settlement terms, releases, confidentiality provisions, and governing law clauses. The agreement is particularly useful for resolving commercial, employment, or personal disputes efficiently and cost-effectively.
Suggested Sections

1. Parties: Identifies all parties to the agreement with their full legal names and addresses

2. Background: Sets out the context, nature of dispute, and intention to settle

3. Definitions: Defines key terms used tHRoughout the agreement for clarity and consistency

4. Settlement Terms: Details the specific terms of settlement including any payments, actions, or obligations

5. Release: Mutual release of claims between parties, including scope of release and exceptions if any

6. Governing Law: Specifies Singapore law as governing law and jurisdiction for disputes

Optional Sections

1. Confidentiality: Provisions for keeping settlement terms and related information confidential

2. Non-disparagement: Clauses preventing parties from making negative statements about each other

3. Tax Provisions: Addresses tax implications and responsibilities for settlement payments

4. Further Assurance: Obligation to execute additional documents or take further steps if needed

5. Severability: Provisions for maintaining validity of remaining clauses if any clause is found invalid

Suggested Schedules

1. Payment Schedule: Detailed breakdown of settlement payment amounts, dates, and payment methods

2. List of Claims: Comprehensive list of all claims, disputes, and matters being settled

3. Form of Announcement: Agreed template for any public statements regarding the settlement

4. Related Agreements: List of any other agreements affected by or relevant to the settlement

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions






























Clauses



































Industries

Contract Law (Chapter 53): Primary legislation governing contract formation, validity, and enforcement in Singapore

Civil Law Act (Chapter 43): Fundamental legislation governing civil matters and contractual relationships in Singapore

Limitation Act (Chapter 163): Legislation setting time limits for bringing legal claims and actions

Employment Act (Chapter 91): Main employment legislation if settlement involves employment matters, covering basic terms and working conditions

Work Injury Compensation Act: Legislation governing work-related injury compensation if relevant to settlement

Retirement and Re-employment Act: Law concerning retirement age and re-employment obligations if settlement involves older workers

Central Provident Fund Act: Legislation governing mandatory social security savings system which may affect settlement payments

Unfair Contract Terms Act (UCTA): Law regulating unfair terms in contracts and limitations of liability

Personal Data Protection Act 2012: Legislation governing the collection, use, and disclosure of personal data if involved in settlement

Income Tax Act: Tax legislation relevant for settlement payment implications and tax treatment

Common Law - Consideration: Legal principle requiring exchange of value for contract validity

Common Law - Capacity: Legal principle regarding parties' legal capacity to enter into contracts

Common Law - Consent: Principle requiring free and voluntary agreement without duress or undue influence

Common Law - Legal Purpose: Requirement that contract purpose must be legal and not against public policy

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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