A General Release of Claims is a crucial legal instrument in Singapore used to formally conclude disputes or potential claims between parties. It's commonly employed in various scenarios including employment terminations, commercial dispute settlements, or accident claims resolution. The document, governed by Singapore law, provides comprehensive protection for the released party by preventing future litigation over the specified claims. This type of release is particularly valuable when parties seek a clean break and want to eliminate future liability risks. The document must comply with Singapore's Civil Law Act and related legislation, and typically includes detailed provisions about the scope of claims being released, consideration provided, and any conditions attached to the release.
General Release Of Claims for Singapore
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Key Requirements PROMPT example:
General Release Of Claims
"I need a General Release of Claims between my company (TechGlobe Pte Ltd) and a former employee to settle all employment-related disputes, including intellectual property matters, with a settlement payment of $50,000 to be paid by March 15, 2025."
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1. Identification of Parties: Full details of releasing and released parties
2. Background: Context of the dispute or circumstances leading to the release
3. Definitions: Key terms used in the release
4. Release Provisions: Specific claims being released and scope of release
5. Consideration: Value exchanged for the release
6. Representations and Warranties: Statements of fact by the releasing party
7. Governing Law: Specification of Singapore law as governing law
1. Non-Admission of Liability: Statement that release does not constitute admission of liability by the released party
2. Confidentiality: Obligations to keep terms of release confidential
3. Non-Disparagement: Agreement not to make negative statements about other party
4. Return of Property: Requirements for returning any property or documents
1. Schedule of Released Claims: Detailed list of specific claims being released
2. Schedule of Released Parties: Complete list of all parties being released, including related entities
3. Payment Schedule: Details of any settlement payments, if applicable
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