SINGAPORE - The proposed law to provide temporary protection for those unable to fulfil their contractual obligations due to the Covid-19 outbreak does not change the fundamental sanctity of contracts made in Singapore, Law Minister K. Shanmugam told the House on Tuesday (Apr 7).. Read more at straitstimes.com.
SINGAPORE - The proposed law to provide temporary protection for those unable to fulfil their contractual obligations due to the Covid-19 outbreak does not change the fundamental sanctity of contracts made in Singapore, Law Minister K. Shanmugam told the House on Tuesday .
In his speech explaining the rationale for the Covid-19 Bill, Mr Shanmugam said Singapore - and many other countries - have had to impose tough measures to slow the virus' spread, such as border controls, safe-distancing measures and even directing most businesses to shut down, disrupting supply chains even as consumer demand craters.
That is why the Government has sought to, among others, prevent landlords from terminating commercial leases due to non-payment of rent if this is due to the virus, and protect consumers from having their deposits for a wedding or business event forfeited because of postponement. While the laws were challenged in court, they were ultimately upheld by the US Supreme Court, which argued that the State has the power to intervene so as to safeguard the economic structure upon which all Americans ultimately depend on.
There is also precedent for this in Singapore law, noted Mr Shanmugam, as the Republic passed the Frustrated Contracts Act in 1959.
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