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Deed Of Settlement And Release

Deed Of Settlement And Release Template for Philippines

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Key Requirements PROMPT example:

Deed Of Settlement And Release

"I need a Deed of Settlement and Release under Philippine law to resolve an employment dispute with a former senior executive, including a settlement payment of PHP 2.5 million, confidentiality provisions, and non-disparagement clauses, with the settlement to be completed by March 15, 2025."

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Document background
The Deed of Settlement and Release is a crucial legal instrument in the Philippine legal system, commonly used to document the formal resolution of disputes between parties without (or before) proceeding to full litigation. This document is particularly valuable when parties wish to achieve finality in their dispute resolution while maintaining confidentiality and minimizing legal costs. It comprehensively details the settlement terms, including any monetary compensation, mutual releases, and specific obligations of the parties. The deed must comply with Philippine legal requirements, including proper execution before a notary public, and typically incorporates provisions addressing tax implications, confidentiality obligations, and non-admission of liability. It's especially relevant in commercial disputes, employment matters, insurance claims, and any situation where parties seek to document a final settlement of their differences with legally binding effect.
Suggested Sections

1. Parties: Identifies and defines all parties to the deed, including their full legal names, addresses, and any relevant registration details for corporate entities

2. Background: Recitals explaining the context of the dispute or claims, relevant history, and the parties' intention to settle

3. Definitions: Defines key terms used throughout the deed for clarity and consistency

4. Settlement Sum: Specifies the agreed settlement amount, payment terms, method, and timing

5. Release and Discharge: Core provision detailing the mutual release of claims and discharge of liabilities between the parties

6. Confidentiality: Obligations regarding the confidentiality of the settlement terms and related information

7. Non-Admission: Statement that the settlement does not constitute an admission of liability by any party

8. Entire Agreement: Confirms the deed represents the complete agreement between parties and supersedes prior negotiations

9. Governing Law: Specifies Philippine law as governing law and relevant jurisdiction

10. Execution: Formal execution block including space for signatures, witnesses, and notarial acknowledgment

Optional Sections

1. Tax Provisions: Include when settlement involves significant sums requiring tax consideration or when tax indemnities are needed

2. Non-Disparagement: Include when parties wish to prevent negative statements about each other after settlement

3. Return of Property: Include when settlement involves return of documents, equipment, or other property

4. Future Cooperation: Include when ongoing cooperation between parties is required post-settlement

5. Warranties: Include when specific representations about claims or capacity to settle are necessary

6. Third Party Rights: Include when settlement affects rights of parties not directly involved in the deed

7. Insurance Claims: Include when settlement involves insurance claims or requires coordination with insurers

Suggested Schedules

1. Schedule 1 - Settlement Payment Details: Detailed breakdown of settlement sum, payment installments, and banking details

2. Schedule 2 - Released Claims: Comprehensive list of specific claims being released through the settlement

3. Schedule 3 - Related Proceedings: List of any legal proceedings to be discontinued as part of settlement

4. Appendix A - Supporting Documents: Copies of relevant documents referenced in the deed

5. Appendix B - Corporate Authorizations: If corporate parties involved, copies of board resolutions or other authorization documents

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Business Day
Claims
Commencement Date
Confidential Information
Dispute
Effective Date
Encumbrance
Event of Default
Governing Law
Legal Proceedings
Losses
Notice
Obligations
Parties
Payment Date
Related Entities
Released Claims
Released Matters
Settlement Sum
Settlement Payment
Settling Parties
Subject Matter
Tax
Working Day
Associates
Authority
Completion Date
Dispute Period
Existing Proceedings
Liability
Material Adverse Effect
Outstanding Amount
Payment Terms
Related Documents
Release
Representatives
Settlement Terms
Termination Date
Third Party Rights
Relevant Industries

Legal Services

Banking and Finance

Insurance

Construction

Real Estate

Manufacturing

Retail

Technology

Healthcare

Education

Professional Services

Transportation and Logistics

Energy and Utilities

Relevant Teams

Legal

Finance

Compliance

Risk Management

Human Resources

Executive Leadership

Corporate Secretariat

Insurance

Operations

Business Development

Relevant Roles

Legal Counsel

Corporate Secretary

Chief Legal Officer

Chief Financial Officer

Risk Manager

Compliance Officer

Human Resources Director

Claims Manager

Contract Administrator

Business Development Manager

Chief Executive Officer

Managing Director

Settlement Officer

Dispute Resolution Officer

General Counsel

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary legislation governing contracts, obligations, and civil relationships in the Philippines. Particularly relevant are Book IV on Obligations and Contracts, and provisions on compromise agreements and releases.
Alternative Dispute Resolution Act of 2004 (Republic Act No. 9285): Governs alternative methods of resolving disputes outside of court litigation, including settlement agreements and their enforceability.
Notarial Law of 2004 (Republic Act No. 2103): Provides rules and requirements for the proper execution and notarization of documents, including deeds and other public instruments.
National Internal Revenue Code (Republic Act No. 8424): Contains provisions on the tax treatment of settlement payments and documentary stamp tax requirements for deeds and other legal documents.
Rules of Court: Particularly Rule 13 on Compromise Agreements, which provides guidelines on the judicial approval of settlement agreements when court cases are involved.
Corporation Code of the Philippines (Republic Act No. 11232): Relevant if any party to the deed is a corporation, providing rules on corporate authority to enter into settlement agreements.
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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