Settlement Agreement Template Singapore
Law, who was the applicant in this case, entered into a transaction agreement with certain investors of Alphire Group Pte Ltd (`Alphire`) for the payment of a judicial decision debt due to the former. So there were plans by Alphire to file a bankruptcy application against the law. 4) Endorsements (such as the one between counsel in this case) can be managed in court to prove that a (negotiated) transaction agreement between the parties was indeed final and binding. In this article, we examine this issue in the recent Singapore Court of Appeal Fall, Rakna Arakshaka Lanka Ltd v Avant Garde Maritime Services (Pte) Ltd  SGCA 33. In this case, a (uns negotiated) settlement agreement between the parties was successfully invoked as a full defence against arbitration proceedings. The timing was pretty much the same: Law met with one of Alphire`s investors, who proposed a $1 million debt compromise. On February 2, 2019, Law and the Investors gathered in the lobby of a local hotel. Law attended the meeting with $1 million in cash. Negotiations between the parties took place and, at the end of the meeting, they agreed on a full and final settlement of the judgment penalty, including the payment of sums of money in addition to the $1 million in money, a transfer of shares and the disclosure of relevant information. The parties also agree that, after the commencement of arbitration, they will endeavour, in good faith, to resolve disputes referred to arbitration through mediation at the Singapore Mediation Centre (“SMC”) in accordance with scMA AMA [see Schedule C of SCMA Rules (3rd edition, October 2015)]. Any agreement reached in the context of mediation is referred to the Arbitration Tribunal designated by the SCMA rules and can be awarded with approval on agreed terms. SIMC mediation also has the unique advantage of applicability: transaction agreements can be approved under an Arb-Med protocol between the Singapore International Arbitration Centre (SIAC) and SIMC.
In the event of non-consolidation, the mediation process often provides greater clarity in the scope and nature of the dispute. This can help streamline all disputes or arbitration proceedings that result. Accordingly, the Court of Appeal allowed RALL`s appeal. First, it found that the agreement between the parties was valid and binding – it was effective immediately after its implementation, as there was no express or implicit indication of anything else. In the agreement, there was an explicit declaration of contract that undoubtedly binds both parties to the agreement they had entered into by signing.