The will.i.am collaboration provides the band their first UK number one single, while it is the rapper's third chart-topper as a solo artist after 'OMG' with Usher and 'This is Love'.
Amelia Lily had led the pack all week with her debut single 'You Bring Me Joy', but The Script eventually beat her to the summit by just under 9,000 copies.
Ne-Yo drops from last week's top spot to three with 'Let Me Love You (Until You Learn to Love Yourself)'. Little Mix hold steady at four with 'Wings', while Pink drops two to five with 'Blow Me (One Last Kiss)'.
Flo Rida's latest 'I Cry' climbs five to six, while Taylor Swift climbs one to seven with 'We Are Never Ever Getting Back Together'.
Owl City and Carly Rae Jepsen drop two to eight with 'Good Time'. Former chart-topper 'Bom Bom' by Sam and the Womp falls four to nine, followed by a non-mover at ten for Fun.'s 'Some Nights'.
Tulisa just misses out on a Top 10 placing, as new single 'Live It Up' lands at 11.
Gerry & the Pacemakers shoot up to number 12 with former number one 'You'll Never Walk Alone'. The track has been part of a campaign led by Liverpool FC fans following the publication of the official Hillsborough files earlier this week. It currently sits at number one in the iTunes chart.
David Guetta scores yet another hit, as his latest Sia collaboration 'She Wolf (Falling to Pieces)' enters at 14. He also lands at 22 with Ne-Yo and Akon collaboration 'Play Hard'.
Mumford & Sons' new single 'I Will Wait' is a new entry at 17, followed closely behind by The Killers' 'Runaways' at 18.
Otto Knows score a new entry with dance track 'A Million Voices' at 24. Kanye West's 'Clique' featuring Big Sean and Jay-Z is a new entry at 29.
Internet smash 'Gangnam Style' by J-pop act PSY sneaks in at 37, while it continues to rise up the iTunes chart.
Conor Maynard follows with his latest single 'Turn Around' with Ne-Yo entering at 38.
Watch the video for The Script's 'Hall of Fame' below:
Source: Official Charts Company
> This week's albums chart