Can a settlement agreement be varied or revoked?
Yes and the burden of proof lies with the party applying for variation or revocation of a settlement agreement. If a party only applies to vary the settlement agreement, the People's Court cannot revoke the settlement agreement. It is also important to note that the right to apply for revocation expires a year after the party entitled to apply for revocation knows or ought to have known of the existence of the right to apply.
Some of the grounds in which a party may rely on to vary or revoke a settlement agreement are: (i) where the settlement agreement is concluded based on serious misunderstanding, or (ii) where it is concluded unfairly.
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