Short Settlement Agreement Template for Singapore

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Key Requirements PROMPT example:

Short Settlement Agreement

"I need a Short Settlement Agreement under Singapore law to resolve a commercial dispute with my former business partner regarding unpaid consulting fees of SGD 50,000, with payment to be made in tHRee installments by March 2025."

Document background
A Short Settlement Agreement is utilized when parties wish to formally document the resolution of their dispute in a concise manner under Singapore law. This document type is particularly useful for straightforward disputes where detailed terms are unnecessary. The agreement captures essential settlement terms, including any monetary compensation, mutual releases, and key obligations. It serves as a legally binding contract that prevents parties from pursuing further legal action regarding the settled dispute, providing certainty and closure while maintaining compliance with Singapore's legal framework.
Suggested Sections

1. Parties: Identification and details of all parties to the settlement

2. Background: Brief description of the dispute and circumstances leading to settlement

3. Definitions: Key terms used in the agreement

4. Settlement Terms: Core settlement provisions including payment terms and obligations

5. Release and Discharge: Mutual release of claims related to the dispute

6. Governing Law: Specification of Singapore law as governing law

Optional Sections

1. Confidentiality: Terms regarding non-disclosure of settlement terms and related information

2. Non-admission: Statement that settlement does not constitute admission of liability by any party

3. Tax Implications: Provisions addressing the tax treatment of settlement payments

Suggested Schedules

1. Payment Schedule: Detailed schedule of settlement payment terms and installments if applicable

2. Release Documentation: Forms or notices required to implement the settlement terms

3. Original Dispute Documents: Reference documents relating to the original dispute that form part of settlement context

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 civil law matters in Singapore, particularly relevant for contractual enforceability and consideration requirements in settlement agreements

Contracts Act (Cap. 2): FouNDAtional legislation establishing requirements for valid contracts under Singapore law, including offer, acceptance, and consideration principles

Limitation Act (Cap. 163): Legislation establishing time limits for enforcement of settlement terms and other civil actions in Singapore

Mediation Act 2017: Legislation governing mediation proceedings in Singapore, relevant if the settlement agreement arose from a mediation process

Evidence Act (Cap. 97): Legislation governing admissibility of evidence and confidentiality provisions, crucial for settlement agreement terms and their enforcement

Supreme Court of Judicature Act: Legislation establishing the jurisdiction and powers of Singapore courts, relevant for enforcement mechanisms of settlement agreements

Electronic Transactions Act: Legislation governing electronic transactions and digital signatures, applicable if the settlement agreement will be executed electronically

Personal Data Protection Act 2012: Legislation governing the collection, use, and disclosure of personal data, relevant if the settlement involves personal information

Rules of Court: Procedural rules governing court proceedings in Singapore, relevant for any court-related aspects of the settlement agreement

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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