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Settlement Agreement No Further Claims

Settlement Agreement No Further Claims Template for Malaysia

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Key Requirements PROMPT example:

Settlement Agreement No Further Claims

"I need a Settlement Agreement No Further Claims for an amicable employment termination with our senior sales director, including a settlement sum of RM250,000 and confidentiality provisions, with the termination effective March 15, 2025."

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Document background
The Settlement Agreement No Further Claims is a crucial legal instrument in Malaysian business and employment practice, designed to provide a definitive resolution to disputes between parties. It is commonly used when parties wish to conclude a disagreement or potential claim without resort to litigation, or to settle existing legal proceedings. The document must comply with Malaysian legal requirements, including the Contracts Act 1950, and where relevant, the Employment Act 1955 and Industrial Relations Act 1967. It typically includes detailed terms of settlement, comprehensive release clauses, confidentiality provisions, and explicit waiver of future claims. This type of agreement is particularly valuable in employment disputes, commercial disagreements, or any situation where parties seek to achieve final closure on a matter while managing legal risk and maintaining confidentiality.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement, 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 dates and key events

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

4. Settlement Sum: Details the amount of settlement payment (if any) and payment terms

5. Settlement Terms: Specifies all actions to be taken by parties as part of the settlement

6. Release and Waiver: Comprehensive release of all claims and causes of action between the parties

7. No Admission of Liability: Statement that the settlement does not constitute admission of liability by any party

8. Confidentiality: Obligations to keep the settlement terms and related discussions confidential

9. Tax Implications: Clarification of responsibility for any tax liability arising from the settlement

10. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and jurisdiction for disputes

11. Entire Agreement: Confirms the agreement represents the entire understanding between parties

12. Execution: Signature blocks and execution formalities

Optional Sections

1. Non-Disparagement: Mutual obligations not to make negative statements about other parties - used when reputation protection is important

2. Return of Property: Requirements for returning company property or confidential information - relevant in employment-related settlements

3. Reference: Terms regarding employment references - applicable in employment-related settlements

4. Continuing Obligations: Survival of specific obligations from previous agreements - used when certain prior commitments should remain in force

5. Third Party Rights: Provisions regarding rights of third parties - needed when settlement affects third party interests

6. Insurance and Indemnity: Additional protection clauses - used in complex cases with ongoing risk exposure

7. Legal Costs: Agreement on payment of legal costs - relevant when legal costs are part of settlement negotiations

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment amounts, dates, and methods if settlement involves installment payments

2. Claims Detail: Comprehensive list of specific claims being settled and released

3. Related Proceedings: List of any legal proceedings to be withdrawn as part of settlement

4. Company Property: Inventory of items to be returned (if applicable)

5. Form of Announcement: Agreed form of any public or internal announcements regarding the settlement

6. Previous Agreements: List of any previous agreements affected by or incorporated into 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

Technology

Professional Services

Construction

Retail

Healthcare

Education

Energy

Telecommunications

Real Estate

Transportation

Mining and Resources

Agriculture

Hospitality

Relevant Teams

Legal

Human Resources

Finance

Compliance

Risk Management

Executive Leadership

Industrial Relations

Corporate Governance

Operations Management

Relevant Roles

Legal Counsel

Human Resources Director

Chief Executive Officer

Chief Financial Officer

Risk Manager

Compliance Officer

Human Resources Manager

Industrial Relations Manager

Company Secretary

Operations Director

Finance Manager

Department Head

Senior Manager

Managing Director

Board Director

Industries
Contracts Act 1950: The fundamental law governing formation and enforcement of contracts in Malaysia, including elements of valid contracts, consideration, and capacity to contract
Employment Act 1955: Relevant for settlement agreements involving employment matters, particularly regarding statutory rights and obligations that cannot be contracted out of
Industrial Relations Act 1967: Governs the relationship between employers and employees, particularly relevant for workplace dispute settlements and collective agreements
Limitation Act 1953: Sets time limits for bringing various types of claims, which is important for ensuring the settlement agreement properly bars future claims within legal timeframes
Civil Law Act 1956: Provides the general framework for civil matters and remedies, including principles of damages and compensation in civil claims
Stamp Act 1949: Requires certain agreements to be stamped to be admissible in court, including settlement agreements involving monetary compensation
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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