The Non Judicial Settlement Agreement is utilized when parties wish to resolve their disputes amicably without court proceedings in Singapore. It serves as a comprehensive document that outlines the settlement terms, including financial arrangements, mutual releases, and future conduct requirements. This type of agreement is particularly valuable in Singapore's business-friendly environment, where efficient dispute resolution is prioritized. The document must comply with Singapore contract law and typically includes provisions for confidentiality, non-admission of liability, and clear enforcement mechanisms.
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1. Parties: Identification and details of all parties to the settlement
2. Background: Context of the dispute and reasons for settlement
3. Definitions: Key terms used tHRoughout the agreement
4. Settlement Terms: Core settlement provisions including payment terms, obligations, and timelines
5. Release Provisions: Mutual releases from claims and liabilities
6. Confidentiality: Terms regarding confidentiality of the settlement
7. Governing Law: Specification of Singapore law as governing law
8. Execution: Signature blocks and execution details
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. Non-disparagement: Provisions preventing parties from making negative statements about each other - recommended for high-profile or sensitive cases
3. Tax Implications: Treatment of tax consequences of settlement - include when settlement involves significant monetary compensation
4. Insurance Provisions: Details of any insurance coverage or claims - include when insurance is involved in the settlement
1. Schedule of Payments: Detailed breakdown of settlement payments and timeline
2. List of Released Claims: Specific claims being settled and released
3. Form of Release: Standard form for releasing claims
4. Related Documents: List of associated agreements or documents referenced in settlement
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