A Construction Settlement Agreement is utilized when parties involved in a construction project in Singapore need to resolve disputes or claims without proceeding to litigation or arbitration. This document typically arises from issues such as payment disputes, delays, defects, or variations in construction work. The agreement must align with Singapore's construction laws and regulations, including the Building and Construction Industry Security of Payment Act (SOPA) and the Building Control Act. It provides a comprehensive framework for settling all outstanding issues, defining payment terms, establishing completion obligations, and securing mutual releases from future claims.
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1. Parties: Identification of all parties involved in the settlement, including full legal names and registration details
2. Background: Brief history of the construction project, disputes, and circumstances leading to settlement
3. Definitions: Key terms used tHRoughout the agreement
4. Settlement Sum: Agreed settlement amount and payment terms
5. Release and Discharge: Mutual release of claims and obligations
6. Representations and Warranties: Statements of fact and assurances from both parties
7. Confidentiality: Terms regarding non-disclosure of settlement terms
1. Outstanding Works: Details of any remaining construction work to be completed (include when settlement includes completion of remaining works)
2. Defects Liability: Ongoing obligations regarding defects (include when settlement includes future defect rectification)
3. Third Party Rights: Provisions regarding subcontractors or other third parties (include when settlement affects third party rights)
4. Tax Provisions: Treatment of GST and other tax implications (include when settlement has significant tax implications)
1. Schedule of Outstanding Payments: Detailed breakdown of settlement sum and payment schedule
2. Schedule of Outstanding Works: List of remaining works to be completed
3. Schedule of Known Defects: List of identified defects and rectification requirements
4. Original Contract Documents: Reference copies of relevant original contract documents
5. Dispute Documentation: Summary of disputes and claims being settled
6. Form of Release: Template for formal release documentation
Relevant legal definitions
Agreement
Business Day
Claim
Completion Date
Construction Works
Contract
Contract Documents
Contractor
Defects
Defects Liability Period
Developer
Dispute
Effective Date
Final Account
GST
Licensed Contractor
Original Contract
Outstanding Works
Parties
Project
Project Site
Release Date
Settlement Sum
Subcontractor
Substantial Completion
Variation Orders
Works
Business Day
Claim
Completion Date
Construction Works
Contract
Contract Documents
Contractor
Defects
Defects Liability Period
Developer
Dispute
Effective Date
Final Account
GST
Licensed Contractor
Original Contract
Outstanding Works
Parties
Project
Project Site
Release Date
Settlement Sum
Subcontractor
Substantial Completion
Variation Orders
Works
Clauses
Recitals
Definitions
Settlement Payment
Payment Terms
Release and Discharge
Outstanding Works
Defects Liability
Warranties and Representations
Confidentiality
Non-Admission of Liability
Further Assurance
Entire Agreement
Compliance
Health and Safety
Environmental Protection
Insurance
Tax
Assignment
Third Party Rights
Force Majeure
Notices
Severability
Waiver
Variations
Dispute Resolution
Governing Law
Counterparts
Time of Essence
Good Faith
Costs
Definitions
Settlement Payment
Payment Terms
Release and Discharge
Outstanding Works
Defects Liability
Warranties and Representations
Confidentiality
Non-Admission of Liability
Further Assurance
Entire Agreement
Compliance
Health and Safety
Environmental Protection
Insurance
Tax
Assignment
Third Party Rights
Force Majeure
Notices
Severability
Waiver
Variations
Dispute Resolution
Governing Law
Counterparts
Time of Essence
Good Faith
Costs
Relevant Industries
Relevant Teams
Relevant Roles
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