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Settlement Waiver And Release Agreement Template for Singapore

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Key Requirements PROMPT example:

Settlement Waiver And Release Agreement

"I need a Settlement Waiver and Release Agreement under Singapore law to resolve an IP dispute with a former contractor, including a settlement payment of $50,000 and strict confidentiality provisions, to be executed by March 2025."

Document background
The Settlement Waiver And Release Agreement is utilized when parties wish to definitively resolve disputes and prevent future litigation in Singapore. This document is crucial in various scenarios, from employment settlements to commercial dispute resolutions, providing a formal framework for parties to waive their rights to pursue claims in exchange for agreed consideration. Under Singapore law, these agreements must be carefully drafted to ensure enforceability, particularly regarding the scope of claims being released and the clarity of settlement terms. The document typically includes specific provisions for monetary compensation, release of claims, confidentiality obligations, and non-admission of liability clauses.
Suggested Sections

1. Parties: Identification of all parties to the agreement, including their full legal names, registration numbers (if companies), and addresses

2. Background: Context of the dispute, facts leading to the settlement, and reasons for entering into the agreement

3. Definitions: Definitions of key terms used tHRoughout the agreement, including defined terms for parties, dispute, claims, and settlement

4. Settlement Sum: Details of any payment or consideration, including amount, payment method, and timing

5. Release and Waiver: Comprehensive description of claims being released and rights being waived by all parties

6. Non-Admission of Liability: Statement that the settlement and payment do not constitute admission of liability by any party

7. Governing Law: Specification of Singapore law as governing law and submission to Singapore courts' jurisdiction

Optional Sections

1. Confidentiality: Terms requiring parties to keep the settlement terms, negotiations, and related documents confidential

2. Non-Disparagement: Provisions preventing parties from making negative statements about each other

3. Return of Property: Terms governing the return of any relevant property, documents, or confidential information

4. Tax Implications: Clauses addressing responsibility for taxes arising from the settlement payment

5. Further Assurance: Obligation to execute additional documents or take further steps necessary to give effect to the agreement

Suggested Schedules

1. Schedule 1 - Payment Schedule: Detailed breakdown of installment payments including dates, amounts, and payment methods

2. Schedule 2 - List of Claims: Comprehensive list of all claims, causes of action, and proceedings being settled and released

3. Schedule 3 - Related Proceedings: List of all legal proceedings to be discontinued or terminated as part of the settlement

4. Schedule 4 - Form of Announcement: Agreed template for any public statements or announcements regarding the settlement

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

























Clauses

























Industries

Civil Law Act (Cap. 43): Primary legislation governing contract law in Singapore, establishing fundamental principles of contract formation, enforcement, and remedies

Unfair Contract Terms Act (Cap. 396): Regulates unfair terms in contracts and limits the extent to which civil liability can be excluded or restricted by contract terms

Limitations Act (Cap. 163): Sets statutory limitation periods for different types of claims and time bars for bringing legal actions

Evidence Act (Cap. 97): Establishes requirements for documentary evidence and rules regarding admissibility of evidence in legal proceedings

Specific Relief Act (Cap. 321): Governs the enforcement of contracts and specifies remedies available to contracting parties

Employment Act (Cap. 91): Relevant if settlement involves employment matters, governing basic terms and working conditions

Work Injury Compensation Act: Applicable for settlements involving workplace injuries, establishing compensation framework

Industrial Relations Act: Governs employer-employee relationships and dispute resolution in industrial matters

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

Contract Formation Principles: Common law principles including capacity to contract, valid consideration, and clear terms

Waiver Enforceability: Legal principles governing the validity and enforceability of waivers and releases

Confidentiality Principles: Legal framework for confidentiality provisions and their enforcement in settlement agreements

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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