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Deed Of Settlement And Release

Deed Of Settlement And Release Template for Malaysia

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Key Requirements PROMPT example:

Deed Of Settlement And Release

"I need a Deed of Settlement and Release for an employment dispute between my company (Tech Solutions Sdn Bhd) and a former senior executive, with a settlement sum of RM 500,000 to be paid by March 15, 2025, including confidentiality and non-disparagement clauses."

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Document background
The Deed of Settlement and Release is a crucial legal document in Malaysian commercial and civil practice, used when parties wish to formally conclude disputes or claims with the additional security offered by a deed format. It is particularly valuable in complex settlements where parties require stronger legal protection than a simple contract provides. This document type is commonly used in various scenarios including commercial disputes, employment matters, property disagreements, and corporate conflicts. The deed format, governed by Malaysian law, offers advantages such as a longer limitation period (12 years instead of 6 for contracts) and no requirement for consideration. The document typically includes detailed settlement terms, payment provisions, comprehensive releases, confidentiality obligations, and specific mechanisms for implementing the settlement.
Suggested Sections

1. Parties: Identifies and defines all parties to the deed, including their full legal names, registration numbers (if companies), and addresses

2. Background: Recitals setting out the context of the dispute or claims being settled, including relevant history and current status

3. Definitions and Interpretation: Defines key terms used throughout the deed and sets out interpretation rules

4. Settlement Sum: Details the agreed settlement amount and payment terms

5. Settlement Terms: Specifies the core terms of settlement including actions to be taken by each party

6. Release and Discharge: Contains the mutual releases and discharges from claims related to the settled matter

7. Confidentiality: Sets out obligations regarding confidentiality of the settlement terms and related information

8. Non-admission of Liability: States that the settlement does not constitute an admission of liability by any party

9. Entire Agreement: Confirms the deed represents the entire agreement between the parties regarding the settlement

10. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and Malaysian courts' jurisdiction

11. Execution: Contains execution blocks complying with Malaysian requirements for deeds

Optional Sections

1. Tax Implications: Include when settlement payments have specific tax consequences that need to be addressed

2. Non-disparagement: Include when parties agree not to make negative statements about each other

3. Return of Property: Include when settlement involves return of physical or intellectual property

4. Continuing Obligations: Include when certain obligations from prior agreements continue past settlement

5. Press Releases: Include when public announcements about the settlement need to be regulated

6. Future Cooperation: Include when parties need to cooperate on specific matters post-settlement

7. Costs: Include when legal costs need to be addressed specifically

Suggested Schedules

1. Schedule 1 - Settlement Payment Details: Details of installment payments, bank account information, and payment conditions

2. Schedule 2 - Released Claims: Comprehensive list of specific claims being released

3. Schedule 3 - Related Proceedings: List of any court proceedings or other formal processes to be discontinued

4. Schedule 4 - Form of Notice of Discontinuance: Template for formal discontinuance of legal proceedings if applicable

5. Schedule 5 - Announcement Template: Agreed form of any public announcements if applicable

6. Appendix A - Related Agreements: Copies or details of any related agreements affected by the settlement

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Financial Services

Manufacturing

Construction

Real Estate

Technology

Retail

Healthcare

Education

Transportation

Energy

Mining

Telecommunications

Professional Services

Insurance

Agriculture

Relevant Teams

Legal

Compliance

Risk Management

Executive Leadership

Finance

Human Resources

Corporate Affairs

Operations

Company Secretariat

Claims Management

Dispute Resolution

Relevant Roles

Legal Counsel

Chief Legal Officer

Compliance Officer

Risk Manager

Chief Executive Officer

Chief Financial Officer

Company Secretary

Commercial Director

Human Resources Director

Claims Manager

Settlement Officer

Dispute Resolution Manager

Corporate Affairs Manager

Finance Director

Operations Director

Industries
Contracts Act 1950: The primary legislation governing contract formation, validity, and enforcement in Malaysia. It sets out the basic requirements for a valid contract including offer, acceptance, consideration, and intention to create legal relations.
Powers of Attorney Act 1949: Contains provisions regarding the execution of deeds and the requirements for valid deed creation in Malaysia, including requirements for signing, sealing, and delivery.
Stamp Act 1949: Governs the stamp duty requirements for legal documents in Malaysia. Settlement deeds must be properly stamped to be admissible as evidence in court.
Limitation Act 1953: Sets out the time limits within which various types of actions can be brought, which is relevant for settlement agreements and releases of claims.
National Land Code 1965: Relevant if the settlement involves any matters relating to land or property rights, as it governs all matters relating to land transactions in Peninsular Malaysia.
Civil Law Act 1956: Contains provisions regarding the application of English common law principles in Malaysia, which can be relevant for interpretation of settlement deeds.
Rules of Court 2012: Relevant if the settlement deed is part of court proceedings, as it governs civil procedure in Malaysian courts and the recording of settlement terms.
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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