Signing Contracts with a Company in Singapore
Signing Contracts with a Company in SingaporeUpdated on Thursday 10th December 2015
Rate this article
based on 1 reviews.
based on 1 reviews.
Although Singapore has its law system rooted in the English legislation, there are many provisions and contract stipulations that are customary only in this region. As such, when signing a contract with a company in Singapore, you should pay attention to several stipulations mentioned in the document. Our law firm in Singapore can provide you with consultation on the contracts signed here.
Provisions of contracts in Singapore
When signing a contract with a company in Singapore, you should understand clearly the purpose of the contract. The scope of agreement should specify who are the parties involved and what is the relationship between them; the contract should always present a description of the purpose of the agreement.
If in the contract is stipulated a clause which obligates you to use only the services or products of the company you are signing the contract with, you should ask for consultation from our law firm in Singapore, as the provision may have unexpected effects on your business.
Contractual clauses in Singapore
You should also interpret correctly any provisions regarding the responsibility for third parties that may be involved in the operations of the two companies signing the contract; it should be stated which company has responsibility for a third party, in which situations it is applied and what are the consequences deriving from the contract. You can find out more about this subject from our attorneys in Singapore.
Another contractual provision that must be clarified before signing the agreement is the indemnification for the involvement of the third parties (such as a re-seller or an agent representing you on the Singaporean market). The contract should specify which entity is liable in case if the reseller claims indemnification on various situations covered by the contract. If you need more information on this provision, our lawyers in Singapore can give you advice on the situation.
Another very important aspect of the agreement is the termination of the contract. The clause should state if the contract can be terminated earlier (and if so, in what conditions) and if it can be extended.
Any contract should also stipulate the fees for any of the situations presented above; our attorneys in Singapore can provide you with a more detailed presentation on the clauses stipulated by the contracts signed in Singapore.
If you need further information on this matter, please contact our law firm in Singapore, where you can receive in-depth presentation on the legal system in Singapore.