The Ministry of Law has just announced its intention to introduce the “COVID-19 (Temporary Measures) Bill”. The Bill will enable companies’ whose businesses have been adversely affected by Covid-19 to seek relief from fulfilling their contractual obligations such as paying rent, paying instalments on bank loans, fulfilling their construction contracts, etc for a period of six months.
The Bill will cover the following categories of contracts:
- Leases or licences for non-residential immovable property (e.g. lease for factory premises);
- Construction contract or supply contract (e.g. contract for the supply of materials);
- Contracts for the provision of goods and services (e.g. venue, catering) for events (e.g. weddings, business meetings);
- Certain contracts for goods or services for visitors to Singapore or outbound tourists, or promotion of tourism (e.g. cruises, hotel accommodation bookings); and
- Certain loan facilities granted by a bank or a finance company to SMEs.
The measures will cover relevant contractual obligations that are to be performed on or after 1 February, for contracts that were entered into or renewed before 25 March.
For more details, you may download the press release here.
At the same time, we would also like to seek your input on the following recent happenings (if any, such as impact on your businesses, whether government measures put in place have helped, and if there are other help still needed):-
- Malaysia lockdown
- Resilience budget
Please assist to fill in the online survey form here. These feedbacks, like the ones before will be consolidated and shared with the relevant government agencies.
Therefore, your input is very important to us, and the industry.
You may also wish to write in to us with any feedback on the above topics, or any other issues you may face in your business operations.