The Deed of Settlement and Release is a crucial legal document in Malaysian commercial and civil practice, used when parties wish to formally conclude disputes or claims with the additional security offered by a deed format. It is particularly valuable in complex settlements where parties require stronger legal protection than a simple contract provides. This document type is commonly used in various scenarios including commercial disputes, employment matters, property disagreements, and corporate conflicts. The deed format, governed by Malaysian law, offers advantages such as a longer limitation period (12 years instead of 6 for contracts) and no requirement for consideration. The document typically includes detailed settlement terms, payment provisions, comprehensive releases, confidentiality obligations, and specific mechanisms for implementing the settlement.
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1. Parties: Identifies and defines all parties to the deed, including their full legal names, registration numbers (if companies), and addresses
2. Background: Recitals setting out the context of the dispute or claims being settled, including relevant history and current status
3. Definitions and Interpretation: Defines key terms used throughout the deed and sets out interpretation rules
4. Settlement Sum: Details the agreed settlement amount and payment terms
5. Settlement Terms: Specifies the core terms of settlement including actions to be taken by each party
6. Release and Discharge: Contains the mutual releases and discharges from claims related to the settled matter
7. Confidentiality: Sets out obligations regarding confidentiality of the settlement terms and related information
8. Non-admission of Liability: States that the settlement does not constitute an admission of liability by any party
9. Entire Agreement: Confirms the deed represents the entire agreement between the parties regarding the settlement
10. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and Malaysian courts' jurisdiction
11. Execution: Contains execution blocks complying with Malaysian requirements for deeds
1. Tax Implications: Include when settlement payments have specific tax consequences that need to be addressed
2. Non-disparagement: Include when parties agree not to make negative statements about each other
3. Return of Property: Include when settlement involves return of physical or intellectual property
4. Continuing Obligations: Include when certain obligations from prior agreements continue past settlement
5. Press Releases: Include when public announcements about the settlement need to be regulated
6. Future Cooperation: Include when parties need to cooperate on specific matters post-settlement
7. Costs: Include when legal costs need to be addressed specifically
1. Schedule 1 - Settlement Payment Details: Details of installment payments, bank account information, and payment conditions
2. Schedule 2 - Released Claims: Comprehensive list of specific claims being released
3. Schedule 3 - Related Proceedings: List of any court proceedings or other formal processes to be discontinued
4. Schedule 4 - Form of Notice of Discontinuance: Template for formal discontinuance of legal proceedings if applicable
5. Schedule 5 - Announcement Template: Agreed form of any public announcements if applicable
6. Appendix A - Related Agreements: Copies or details of any related agreements affected by the settlement
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