The Third Party Settlement Agreement is utilized when resolving complex disputes involving multiple parties under Singapore jurisdiction. It becomes particularly relevant when a third party, such as an insurer or guarantor, plays a crucial role in settling the dispute. The document incorporates essential elements required by Singapore law, including clear identification of parties, detailed settlement terms, mutual releases, and specific provisions addressing third-party rights and obligations. This agreement type is commonly used in insurance claims, construction disputes, or complex commercial matters where third-party involvement is necessary for effective resolution.
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1. Parties: Identifies all parties to the settlement agreement, including the third party
2. Background: Outlines the dispute context and reasons for settlement
3. Definitions: Defines key terms used tHRoughout the agreement
4. Settlement Terms: Details the agreed settlement amount and payment terms
5. Release Provisions: Specifies mutual releases and discharge of claims
6. Confidentiality: Obligations regarding confidentiality of settlement terms
7. Governing Law: Specifies Singapore law as governing law
1. Non-admission of Liability: Used when parties want to explicitly state that the settlement does not constitute admission of liability
2. Tax Implications: Addresses tax treatment of settlement payment and related obligations
3. Non-disparagement: Prevents parties from making negative statements about each other after settlement
1. Payment Schedule: Details of installment payments if applicable
2. Release Documentation: Forms for formal release of claims
3. Original Dispute Documents: Reference documents relating to the original dispute
4. Party Authorization Documents: Corporate resolutions or powers of attorney if required
Relevant legal definitions
Agreement
Claim
Confidential Information
Dispute
Effective Date
Original Agreement
Parties
Primary Claimant
Primary Respondent
Release
Settlement Amount
Settlement Payment
Settlement Period
Third Party
Third Party Rights
Underlying Dispute
Working Day
Singapore Business Day
Completion Date
Payment Schedule
Released Claims
Released Parties
Representatives
Settlement Terms
Warranties
Claim
Confidential Information
Dispute
Effective Date
Original Agreement
Parties
Primary Claimant
Primary Respondent
Release
Settlement Amount
Settlement Payment
Settlement Period
Third Party
Third Party Rights
Underlying Dispute
Working Day
Singapore Business Day
Completion Date
Payment Schedule
Released Claims
Released Parties
Representatives
Settlement Terms
Warranties
Clauses
Parties
Definitions and Interpretation
Background
Settlement Terms
Payment Obligations
Release of Claims
Third Party Rights
Confidentiality
Non-admission of Liability
Warranties and Representations
Further Assurance
Costs
Entire Agreement
Severability
Amendment and Waiver
Assignment
Notices
Force Majeure
Dispute Resolution
Governing Law and Jurisdiction
Counterparts
Non-disparagement
Tax Treatment
Indemnification
Termination
Definitions and Interpretation
Background
Settlement Terms
Payment Obligations
Release of Claims
Third Party Rights
Confidentiality
Non-admission of Liability
Warranties and Representations
Further Assurance
Costs
Entire Agreement
Severability
Amendment and Waiver
Assignment
Notices
Force Majeure
Dispute Resolution
Governing Law and Jurisdiction
Counterparts
Non-disparagement
Tax Treatment
Indemnification
Termination
Relevant Industries
Relevant Teams
Relevant Roles
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