The Structured Settlement Agreement is utilized when parties wish to resolve a claim tHRough scheduled payments rather than a lump sum. This document is particularly relevant in Singapore for personal injury, medical malpractice, or substantial liability cases. It outlines payment terms, tax implications, and often involves insurance products to guarantee future payments. The agreement must comply with Singapore's Civil Law Act and related regulations, offering both parties financial and tax advantages while ensuring long-term security for the recipient. Structured settlements have become increasingly popular in Singapore as they provide a more manageable way to settle large claims while protecting both parties' interests.
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1. Parties: Identification and details of all parties to the agreement
2. Background: Context of the dispute and reasons for settlement
3. Definitions: Key terms used tHRoughout the agreement
4. Settlement Terms: Core payment structure and settlement amounts
5. Payment Schedule: Detailed timeline of structured payments
6. Release and Discharge: Mutual release of claims
7. Confidentiality: Terms regarding disclosure of settlement details
8. Governing Law: Specification of Singapore law as governing law
1. Tax Provisions: Additional provisions addressing specific tax treatment of payments and tax implications
2. Insurance Arrangements: Specific provisions regarding insurance products used to fund the settlement
3. Third Party Rights: Provisions addressing rights of beneficiaries or other third parties in the settlement
4. Dispute Resolution: Alternative dispute resolution procedures and mechanisms
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment amounts and dates
2. Schedule 2 - Insurance Policy Details: Specifics of any insurance policies funding the settlement
3. Schedule 3 - Tax Calculations: Detailed tax implications and calculations
4. Schedule 4 - Release Documentation: Forms and documents related to claim releases
5. Schedule 5 - Original Claim Documents: Reference documents from the original dispute
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