Proposed Bill to protect firms, individuals with contractual obligations affected by COVID-19 via yahoosg
SINGAPORE — Companies who are unable to pay their rent, as well as individuals who have placed deposits for events, will be protected under a new Bill to be introduced in Parliament next week.
“There are supply chain disruptions and manpower shortages, among other consequences,” it said of the impact of the pandemic. “In many cases, this has undermined the ability of individuals and businesses to fulfil contractual obligations. It would be unfair to hold them strictly liable for their failure to do so.”
The measures will cover relevant contractual obligations on or after 1 February, and for contracts that were entered into or renewed before 25 March. They will be in place for six months from the commencement of the legislation, but may be extended for up to a year.The Bill will prohibit a contracting party from taking the following legal actions against a non-performing party:
Assessors will be appointed by the Minister for Law to resolve disputes arising from the application of the Act. They will decide if the inability to perform contractual obligations was due to COVID-19, and will have the powers to grant relief that is just and equitable in the circumstances.
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