A General Release and Waiver is commonly used in Singapore when parties wish to formally settle disputes or potential claims and create a clean break in their legal relationship. This document is particularly relevant in situations involving employment terminations, settlement of disputes, or conclusion of business relationships. The agreement, governed by Singapore law, typically includes detailed provisions about the rights being waived, consideration provided, and any exceptions to the release. It serves as a crucial risk management tool by preventing future claims related to the released matters. The document must comply with Singapore's legal requirements regarding contract formation, consideration, and enforceability.
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Key Requirements PROMPT example:
General Release And Waiver
"I need a General Release and Waiver under Singapore law to settle an employment dispute with a former employee, including release of all claims up to March 15, 2025, with specific provisions for confidentiality and non-admission of liability."
1. Parties: Identification of releasing and released parties with their full legal names and addresses
2. Background: Context of the release and circumstances leading to it, including any existing disputes or claims
3. Definitions: Key terms used in the agreement including 'Claims', 'Release', 'Effective Date', and other relevant definitions
4. Release Provisions: Specific rights, claims, and obligations being released, including scope and extent of the release
5. Consideration: Statement of consideration being provided for the release, even if nominal
6. Governing Law: Specification of Singapore law as governing law and jurisdiction clauses
7. Execution: Signature blocks and execution formalities including witness requirements
1. Non-Admission of Liability: Statement that the release does not constitute admission of liability by any party
2. Confidentiality: Provisions regarding confidentiality of the release terms and any related information
3. Future Claims: Provisions regarding waiver of unknown future claims and acknowledgment of risk
4. Indemnification: Provisions for indemnification against third-party claims and related liabilities
1. Schedule of Released Claims: Detailed itemization of specific claims, rights, and causes of action being released
2. Schedule of Released Parties: Comprehensive list of additional parties covered by the release including affiliates and related entities
3. Schedule of Consideration: Detailed breakdown of consideration or payment terms if monetary consideration is involved
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