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Settlement Agreement And General Release

Settlement Agreement And General Release Template for Singapore

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Key Requirements PROMPT example:

Settlement Agreement And General Release

"I need a Settlement Agreement and General Release to resolve an intellectual property dispute with a former employee, including confidentiality provisions and a payment schedule for a settlement amount of SGD 250,000 to be paid by March 2025."

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What is a Settlement Agreement And General Release?

The Settlement Agreement and General Release is utilized when parties wish to formally resolve existing disputes and prevent future claims. This document is particularly relevant in Singapore's business environment, where it provides a clear framework for dispute resolution under local law. It typically includes detailed settlement terms, mutual releases, confidentiality provisions, and specific enforcement mechanisms. The agreement is commonly used in various contexts, from employment disputes to commercial disagreements, and can be customized to address specific settlement requirements while ensuring compliance with Singapore's legal framework.

What sections should be included in a Settlement Agreement And General Release?

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

2. Background/Recitals: Context of the dispute and reasons for settlement

3. Definitions: Key terms used throughout the agreement

4. Settlement Terms: Core settlement amounts, payment terms, and conditions

5. Release Provisions: Mutual release of claims and liabilities

6. Confidentiality: Terms regarding non-disclosure of settlement details

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

8. Execution: Signature blocks and execution formalities

What sections are optional to include in a Settlement Agreement And General Release?

1. Non-Admission: Statement that settlement does not constitute admission of liability

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

3. Tax Provisions: Treatment of settlement payments for tax purposes

4. Return of Property: Provisions for returning documents or property

5. Future Cooperation: Terms regarding ongoing obligations or cooperation

What schedules should be included in a Settlement Agreement And General Release?

1. Payment Schedule: Detailed breakdown of settlement payments and timing

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

3. List of Claims: Detailed list of claims being settled

4. Related Agreements: Copies of any referenced agreements or documents

5. Property Schedule: List of any property to be returned or transferred

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions






























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Industries

Civil Law Act (Cap. 43): Primary legislation governing contractual relationships in Singapore, establishing fundamental contract law principles and requirements

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 contractual terms

Employment Act (Cap. 91): Key employment legislation that may be relevant if the settlement involves employment-related disputes or terms

Industrial Relations Act (Cap. 136): Governs employer-employee relationships and dispute resolution in industrial matters

Mediation Act 2017: Framework for mediation proceedings in Singapore, relevant if the settlement arose from mediation

Limitation Act (Cap. 163): Establishes time limits within which legal actions must be brought, affecting settlement timing and enforceability

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

Income Tax Act: Tax implications and treatment of settlement payments and compensation

Electronic Transactions Act: Governs electronic signatures and digital execution of documents if the settlement agreement is executed electronically

Stamp Duties Act: Requirements for stamp duty payment on certain types of settlement agreements

Employment Claims Act 2016: Framework for resolving salary-related disputes and claims between employers and employees

Retirement and Re-employment Act: Relevant if the settlement involves age-related employment matters or retirement benefits

Official Secrets Act: May be relevant if the settlement involves government-related information or official secrets

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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