The Termination Settlement Agreement is a crucial document used when employment relationships are concluded in Singapore, whether tHRough mutual agreement, reduNDAncy, or other circumstances. It serves to document the final terms agreed between parties, including financial settlements, continuing obligations, and mutual releases. This agreement, governed by Singapore law, helps prevent future disputes by clearly outlining all termination terms and ensuring compliance with local employment legislation, including the Employment Act and Central Provident Fund requirements. It's particularly important for protecting both employer and employee interests while providing legal certainty regarding the termination arrangement.
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1. Parties: Identification of employer and employee with full legal names and addresses
2. Background: Context of employment relationship and reason for termination
3. Definitions: Key terms used tHRoughout the agreement
4. Settlement Terms: Details of payment amounts, timing, and method
5. Release of Claims: Mutual release of legal claims between parties
6. Confidentiality: Obligations regarding non-disclosure of agreement terms
7. Return of Property: Requirements for returning company property
8. Governing Law: Specification of Singapore law as governing law
1. Non-Compete Provisions: Restrictions on future employment - use for senior employees or those with access to sensitive information
2. Reference Provision: Terms regarding future employment references - include when agreed as part of settlement
3. Continuing Obligations: Ongoing duties post-termination - use when certain obligations survive termination
4. Tax Indemnity: Protection against tax liabilities - include for substantial settlement amounts
1. Schedule 1 - Settlement Payment Breakdown: Detailed breakdown of all payment components including salary, leave encashment, and other benefits
2. Schedule 2 - Company Property List: Inventory of items to be returned including equipment, documents, and access cards
3. Schedule 3 - Continuing Obligations: List of surviving contractual obligations including confidentiality and intellectual property rights
4. Appendix A - Form of Release: Standard form for final release of claims to be signed by both parties
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