The Settlement Agreement Contract is utilized when parties wish to formally resolve their disputes without proceeding to or continuing with litigation. This document is particularly important in Singapore's business-focused legal environment, where alternative dispute resolution is strongly encouraged. The agreement comprehensively details the settlement terms, including payment obligations, releases, warranties, and confidentiality provisions. It serves as a full and final settlement of all claims between the parties, providing certainty and closure while being enforceable under Singapore law.
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1. Parties: Identification and details of all parties involved in the settlement
2. Background: Recitals explaining the dispute and circumstances leading to settlement
3. Definitions: Key terms used throughout the agreement
4. Settlement Terms: Core settlement provisions including payment terms and timelines
5. Release and Waiver: Mutual release of claims and waiver of rights
6. Confidentiality: Obligations regarding confidentiality of settlement terms
7. Governing Law: Specification of Singapore law as governing law
1. Non-Admission of Liability: Statement that settlement does not constitute admission of liability - use when party wishes to explicitly deny liability while settling
2. Tax Provisions: Treatment of tax implications of settlement payments - include when settlement involves significant monetary compensation
3. Non-Disparagement: Mutual agreement not to make negative statements about other parties - relevant in high-profile or sensitive disputes
4. Return of Property: Provisions for return of documents or property - include when physical or intellectual property needs to be returned
1. Payment Schedule: Detailed breakdown of settlement payments and timeline
2. Release Documentation: Forms of release to be executed
3. Original Dispute Documents: Reference documents relating to original dispute
4. List of Claims: Comprehensive list of claims being settled
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