The Release Of Claim And Subrogation Receipt is a crucial document in Singapore's legal and insurance framework, typically used when an insurance company or other party makes payment for a loss and requires both confirmation of the settlement and the right to pursue recovery from third parties. This document combines the release of claims against the paying party with the transfer of subrogation rights, allowing the paying party to step into the shoes of the original claimant. It's particularly important in insurance claims, accident settlements, and property damage cases where multiple parties might be involved. The document must comply with Singapore's legal requirements, including those set out in the Insurance Act and Civil Law Act.
Release Of Claim And Subrogation Receipt for Singapore
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Key Requirements PROMPT example:
Release Of Claim And Subrogation Receipt
"I need a Release of Claim and Subrogation Receipt for an insurance settlement following water damage to our Singapore office premises, with ABC Insurance making a payment of SGD 75,000 scheduled for March 2025, and I need to ensure they can pursue recovery from the building management company."
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OR
1. Parties: Identification of all parties involved in the release
2. Background: Context of the claim and circumstances leading to the release
3. Definitions: Key terms used in the document
4. Consideration: Details of payment or other consideration for the release
5. Release Provisions: Specific terms of the release and discharge
6. Subrogation Rights: Transfer of rights to the paying party
7. Execution: Signature blocks and execution requirements
1. Confidentiality: Used when settlement terms need to remain private - typically included for sensitive or high-value settlements
2. Non-admission of Liability: Statement that payment does not constitute admission of liability - included when requested by the paying party
3. Future Claims: Provisions regarding potential future claims - used in cases with potential ongoing issues
4. Governing Law: Choice of law provisions - included when parties are from different jurisdictions
1. Schedule of Payments: Details of payment amounts and timing
2. Description of Claim: Detailed description of the original claim being released
3. Insurance Policy Details: Relevant insurance policy information
4. Supporting Documents: List of relevant documentation supporting the claim
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