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Construction Settlement Agreement
"Need a Construction Settlement Agreement to resolve a payment dispute with our subcontractor ABC Construction Pte Ltd over defective works in our commercial building project, with a settlement sum of SGD 2.5 million to be paid in installments by March 2025."
1. Parties: Identification of all parties involved in the settlement, including full legal names and registration details
2. Background: Brief history of the construction project, disputes, and circumstances leading to settlement
3. Definitions: Key terms used tHRoughout the agreement
4. Settlement Sum: Agreed settlement amount and payment terms
5. Release and Discharge: Mutual release of claims and obligations
6. Representations and Warranties: Statements of fact and assurances from both parties
7. Confidentiality: Terms regarding non-disclosure of settlement terms
1. Outstanding Works: Details of any remaining construction work to be completed (include when settlement includes completion of remaining works)
2. Defects Liability: Ongoing obligations regarding defects (include when settlement includes future defect rectification)
3. Third Party Rights: Provisions regarding subcontractors or other third parties (include when settlement affects third party rights)
4. Tax Provisions: Treatment of GST and other tax implications (include when settlement has significant tax implications)
1. Schedule of Outstanding Payments: Detailed breakdown of settlement sum and payment schedule
2. Schedule of Outstanding Works: List of remaining works to be completed
3. Schedule of Known Defects: List of identified defects and rectification requirements
4. Original Contract Documents: Reference copies of relevant original contract documents
5. Dispute Documentation: Summary of disputes and claims being settled
6. Form of Release: Template for formal release documentation
Authors
Business Day
Claim
Completion Date
Construction Works
Contract
Contract Documents
Contractor
Defects
Defects Liability Period
Developer
Dispute
Effective Date
Final Account
GST
Licensed Contractor
Original Contract
Outstanding Works
Parties
Project
Project Site
Release Date
Settlement Sum
Subcontractor
Substantial Completion
Variation Orders
Works
Definitions
Settlement Payment
Payment Terms
Release and Discharge
Outstanding Works
Defects Liability
Warranties and Representations
Confidentiality
Non-Admission of Liability
Further Assurance
Entire Agreement
Compliance
Health and Safety
Environmental Protection
Insurance
Tax
Assignment
Third Party Rights
Force Majeure
Notices
Severability
Waiver
Variations
Dispute Resolution
Governing Law
Counterparts
Time of Essence
Good Faith
Costs
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