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Final Settlement Agreement for Singapore

Final Settlement Agreement Template for Singapore

A Final Settlement Agreement under Singapore law is a legally binding document that definitively resolves disputes between parties. It outlines the terms and conditions of settlement, including monetary compensation, mutual releases, and obligations of all parties involved. The agreement is governed by Singapore contract law principles and typically includes provisions for confidentiality, non-disparagement, and future conduct. It serves as a complete resolution of all claims and prevents future litigation on the settled matters.

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What is a Final Settlement Agreement?

A Final Settlement Agreement is utilized when parties wish to conclusively resolve their disputes without (or before) court proceedings. This document, governed by Singapore law, serves as a comprehensive record of the settlement terms, including financial arrangements, mutual releases, and ongoing obligations. It typically follows negotiations or mediation and provides certainty and finality to all parties involved. The agreement should be carefully drafted to ensure all claims are properly addressed and future disputes are prevented.

What sections should be included in a Final Settlement Agreement?

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

2. Background: Context of the dispute and events leading to settlement

3. Definitions: Key terms used tHRoughout the agreement

4. Settlement Terms: Core settlement provisions including payment terms and obligations

5. Release and Discharge: Mutual release of claims and obligations

6. Confidentiality: Obligations regarding confidentiality of settlement terms

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

What sections are optional to include in a Final Settlement Agreement?

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

2. Tax Provisions: Treatment of tax implications and responsibilities

3. Non-Disparagement: Mutual agreements not to make negative statements about other parties

4. Return of Property: Provisions for return of documents or property between parties

What schedules should be included in a Final Settlement Agreement?

1. Payment Schedule: Details of settlement payment structure and timing

2. Release Documentation: Forms of release or withdrawal of legal proceedings

3. Asset List: List of any assets or items to be transferred

4. Deed of Release: Formal deed releasing claims between parties

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

Jurisdiction

Singapore

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions

























Clauses


























Industries

Civil Law Act (Cap. 43): Core legislation governing contract law principles in Singapore, including formation, validity, and enforcement of contracts

Contract Law (Third Party Rights) Act 2001: Legislation governing rights of third parties in contractual agreements under Singapore law

Mediation Act 2017: Framework for mediation proceedings and enforcement of mediated settlement agreements in Singapore

Arbitration Act (Cap. 10): Domestic arbitration framework for dispute resolution in Singapore

International Arbitration Act (Cap. 143A): Framework for international arbitration proceedings and enforcement in Singapore

Limitation Act (Cap. 163): Statutory time limits for bringing legal actions and enforcing contractual rights

Employment Act (Cap. 91): Primary legislation governing employment relationships and rights in Singapore

Employment Claims Act 2016: Framework for resolving employment disputes and claims in Singapore

Retirement and Re-employment Act: Legislation governing retirement age and re-employment rights in Singapore

Income Tax Act (Cap. 134): Tax implications and requirements for settlement payments and agreements

Stamp Duties Act (Cap. 312): Requirements for stamp duty on settlement agreements and related documents

Personal Data Protection Act 2012: Requirements for handling personal data in settlement agreements and related documentation

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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