{"id":945,"date":"2020-12-11T09:58:41","date_gmt":"2020-12-11T09:58:41","guid":{"rendered":"https:\/\/isr.sg\/singapore-property-blog\/?p=945"},"modified":"2020-12-11T09:58:43","modified_gmt":"2020-12-11T09:58:43","slug":"renegotiate-business-contracts-2021","status":"publish","type":"post","link":"https:\/\/isr.sg\/singapore-property-blog\/2020\/12\/11\/renegotiate-business-contracts-2021\/","title":{"rendered":"Renegotiate Business Contracts 2021"},"content":{"rendered":"\n<p>Under the &#8220;Re-Align Framework&#8221;, small and micro businesses that have been adversely impacted by Covid-19 and wish to re-negotiate selected types of contracts can do so.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><strong>This is to be done between 15th Jan 2021 to 26th Feb 2021.<\/strong><\/p><\/blockquote>\n\n\n\n<h3>Who qualifies to renegotiate?<\/h3>\n\n\n\n<p>Business &#8211; Annual Revenue  for FY2019 <strong>DOES NOT<\/strong> exceeed $30 million<strong> AND HAS<\/strong> experienced 70% fall in monthly average gross income for July to December 2020 (as compared to July &#8211; Dec 2019).<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"683\" src=\"https:\/\/isr.sg\/singapore-property-blog\/wp-content\/uploads\/2020\/12\/sebastian-herrmann-O2o1hzDA7iE-unsplash1-1024x683.jpg\" alt=\"\" class=\"wp-image-947\" srcset=\"https:\/\/isr.sg\/singapore-property-blog\/wp-content\/uploads\/2020\/12\/sebastian-herrmann-O2o1hzDA7iE-unsplash1-1024x683.jpg 1024w, https:\/\/isr.sg\/singapore-property-blog\/wp-content\/uploads\/2020\/12\/sebastian-herrmann-O2o1hzDA7iE-unsplash1-300x200.jpg 300w, https:\/\/isr.sg\/singapore-property-blog\/wp-content\/uploads\/2020\/12\/sebastian-herrmann-O2o1hzDA7iE-unsplash1-768x512.jpg 768w, https:\/\/isr.sg\/singapore-property-blog\/wp-content\/uploads\/2020\/12\/sebastian-herrmann-O2o1hzDA7iE-unsplash1-1536x1024.jpg 1536w, https:\/\/isr.sg\/singapore-property-blog\/wp-content\/uploads\/2020\/12\/sebastian-herrmann-O2o1hzDA7iE-unsplash1-2048x1365.jpg 2048w, https:\/\/isr.sg\/singapore-property-blog\/wp-content\/uploads\/2020\/12\/sebastian-herrmann-O2o1hzDA7iE-unsplash1-840x560.jpg 840w, https:\/\/isr.sg\/singapore-property-blog\/wp-content\/uploads\/2020\/12\/sebastian-herrmann-O2o1hzDA7iE-unsplash1-120x80.jpg 120w, https:\/\/isr.sg\/singapore-property-blog\/wp-content\/uploads\/2020\/12\/sebastian-herrmann-O2o1hzDA7iE-unsplash1-360x240.jpg 360w, https:\/\/isr.sg\/singapore-property-blog\/wp-content\/uploads\/2020\/12\/sebastian-herrmann-O2o1hzDA7iE-unsplash1-600x400.jpg 600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption> Photo by <a href=\"https:\/\/unsplash.com\/@officestock?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\">Sebastian Herrmann<\/a> on <a href=\"https:\/\/unsplash.com\/s\/photos\/discussion?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\">Unsplash<\/a> <\/figcaption><\/figure>\n\n\n\n<h3>What Contracts can be renegotiated?<\/h3>\n\n\n\n<ol><li>Governed by Singapore Law<\/li><li>At least one party who has a place of business in Singapore<\/li><li><em>Was entered into BEFORE 25 March 2020<\/em><\/li><li>Within one of the following categories<ul><li>Lease or licence for non-residential immovable property<\/li><li>Hire-purchase or conditional sales agreement for commercial equipment or commercial vehicle<\/li><li>Rental agreeement for commercial equipment or commercial vehicle<\/li><li>Contract for sale and purchase of goods or services<\/li><\/ul><\/li><li>Is not an excluded contract (e) consumer contract, employment contract, insurance contract, etc<\/li><\/ol>\n\n\n\n<p>If negotiations are unsuccessful and the parties cannot come to an agreement, the contract will be terminated early without penalty.<\/p>\n\n\n\n<p>For more information, here&#8217;s an <a rel=\"noreferrer noopener\" aria-label=\"article from the local news (opens in a new tab)\" href=\"https:\/\/www.singaporelawwatch.sg\/Headlines\/contract-renegotiations-from-mid-jan\" target=\"_blank\">article from the local news<\/a> and here&#8217;s the <a href=\"https:\/\/www.mlaw.gov.sg\/news\/press-releases\/2020-12-10-re-align-framework-commencement\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Official Press Release from Ministry of Law (opens in a new tab)\">Official Press Release from Ministry of Law<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Under the &#8220;Re-Align Framework&#8221;, small and micro businesses that have been adversely impacted by Covid-19 and wish to re-negotiate selected types of contracts can do so. This is to be[&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":947,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[254,255,256,122],"_links":{"self":[{"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/posts\/945"}],"collection":[{"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/comments?post=945"}],"version-history":[{"count":1,"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/posts\/945\/revisions"}],"predecessor-version":[{"id":948,"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/posts\/945\/revisions\/948"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/media\/947"}],"wp:attachment":[{"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/media?parent=945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/categories?post=945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/tags?post=945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}