We recommend that both parties first discuss, understand each other’s positions, and try to reach a compromise which parties can do, taking into account the framework set out in the Act.
If you would like a preliminary assessment as to whether your case qualifies for relief under the Act, you can use the online self-assessment tool developed in collaboration with the State Courts and Temasek Polytechnic.
Important Note: The prescribed period under the Act has been extended from 19 October 2020 to the following:
||Categories of Contracts
|To 19 November 2020
||– Leases and licences of non-residential property
– Hire-purchase and conditional sales agreements with banks or MAS-regulated finance companies for commercial vehicles, or plant/machinery used for commercial purposes
– Loans to SMEs secured by certain collateral in Singapore
|To 31 January 2021
||– Hire-purchase and conditional sales agreements with financing companies (other than banks or MAS-regulated finance companies) for commercial vehicles, or plant/machinery used for commercial purposes
– Rental agreements for commercial equipment or commercial vehicles</b> – Event and tourism-related contracts
|To 31 March 2021
||– Construction contracts or supply contracts, or any performance bond granted thereto
– Options to purchase and sale and purchase agreements with developers