Settlement Release Agreement Template for Singapore

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Key Requirements PROMPT example:

Settlement Release Agreement

"Need a Settlement Release Agreement to resolve an intellectual property dispute between our tech company and a former contractor, including a structured payment plan of SGD 250,000 to be paid in installments tHRoughout 2025."

Document background
The Settlement Release Agreement is a crucial legal instrument used to formally conclude disputes and prevent future litigation in Singapore. This document is typically employed when parties wish to resolve their differences without court intervention or to end existing legal proceedings. The agreement comprehensively details the terms of settlement, including monetary compensation, releases from liability, and any ongoing obligations. Under Singapore law, a Settlement Release Agreement must comply with contract formation principles and relevant statutory requirements to be enforceable. It serves as a full and final settlement of specified claims, providing certainty and closure for all parties involved.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement

2. Background: Outlines the context and circumstances leading to the settlement

3. Definitions: Defines key terms used tHRoughout the agreement

4. Settlement Terms: Details the specific terms of settlement including payment amounts and timing

5. Release Provisions: Specifies the claims being released and scope of release

6. Confidentiality: Sets out confidentiality obligations regarding the settlement

7. Governing Law: Specifies Singapore law as governing law

8. Execution: Signature blocks and execution formalities

Optional Sections

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

2. Non-Disparagement: Prevents parties from making negative statements about each other in public or private

3. Future Cooperation: Outlines any required future cooperation between parties post-settlement

4. Tax Treatment: Addresses tax implications and responsibilities for the settlement payment

Suggested Schedules

1. Payment Schedule: Details of payment amounts and timing if installment payments are involved

2. Released Claims: Detailed list of specific claims being released under the agreement

3. Related Proceedings: List of legal proceedings being terminated as part of the settlement

4. Form of Release: Template for any additional release documents required to be executed

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

Industries

Civil Law Act (Cap. 43): Primary legislation governing contract formation, validity, and enforcement in Singapore, providing the fundamental framework for settlement agreements

Contracts (Rights of Third Parties) Act: Regulates how third parties may enforce terms of a contract, which may be relevant if the settlement affects rights of parties not directly involved in the agreement

Limitation Act (Cap. 163): Sets statutory time limits for bringing legal claims, ensuring settlement timeframes align with legal requirements

Evidence Act (Cap. 97): Governs the documentation requirements and admissibility of evidence related to the settlement agreement

Specific Relief Act (Cap. 321): Provides framework for enforcement of agreements and available remedies for parties in case of breach

Mediation Act 2017: Regulates mediation processes and enforceability of mediated settlements if the agreement arose from mediation

Supreme Court of Judicature Act: Establishes court jurisdiction and enforcement powers regarding settlement agreements

Alternative Dispute Resolution: Framework for incorporating future dispute resolution mechanisms into the settlement agreement

Personal Data Protection Act 2012: Governs handling of personal data and confidentiality requirements in settlement agreements

Companies Act (Cap. 50): Regulates corporate entities' authority to enter into settlement agreements and related corporate governance matters

Misrepresentation Act: Provides protections against false statements and ensures validity 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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