Commercial Settlement Agreement

Commercial Settlement Agreement Template for Singapore

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Key Requirements PROMPT example:

"I need a Commercial Settlement Agreement to resolve a dispute with our software supplier regarding failed deliverables, including a staged payment plan over 6 months starting January 2025 and provisions for ongoing maintenance support."

Document background

A Commercial Settlement Agreement is utilized when parties seek to resolve commercial disputes without proceeding to litigation or arbitration. This document, governed by Singapore law, provides a comprehensive framework for dispute re��ֱ��, including specific settlement terms, payment schedules, and mutual releases. The agreement reflects Singapore's position as a leading commercial hub, incorporating both statutory requirements and common law principles. It typically addresses matters such as consideration, confidentiality, tax implications, and future business relationships, providing parties with certainty and closure while maintaining commercial relationships where desired.

Suggested Sections

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 and obligations

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

6. Confidentiality: Provisions regarding confidentiality of settlement terms

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

Optional Sections

1. Non-Admission: Statement that settlement does not constitute admission of liability (used when liability is contested)

2. Tax Provisions: Treatment of settlement payments for tax purposes (used when settlement involves significant monetary compensation)

3. Non-Disparagement: Provisions preventing parties from making negative statements (used in high-profile or sensitive disputes)

4. Future Cooperation: Terms for ongoing business relationship (used when parties plan to continue business relations)

Suggested Schedules

1. Payment Schedule: Detailed breakdown of settlement payments and timing

2. Release Documents: Forms of release to be executed

3. Disputed Claims List: List of claims being settled

4. Related Agreements: Copies of any referenced agreements or documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��ֱ�� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Manufacturing
Technology
Financial Services
Real Estate
Trading

Relevant Teams

Legal
Finance
Commercial
Compliance
Operations

Relevant Roles

Chief Executive Officer
Chief Legal Officer
Commercial Director
Chief Financial Officer
General Counsel

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Let's create your Commercial Settlement Agreement

Authors

Alex Denne

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