If there are disputes, parties can apply to a body of assessors, at no cost, with resolution within five days.
First mentioned in the Resilience Budget on March 26, these measures are in the Covid-19 Bill, to be introduced in Parliament next week. They will be in place for six months from the Act's commencement and can be extended for another six months. For event contracts where the event is postponed due to Covid-19, paid deposits cannot be automatically forfeited. Similarly, for tourism-related contracts, if travel cannot take place due to Covid-19, sums paid cannot be automatically forfeited.
In disputes, assessors will determine if the inability to perform contractual obligations was due to Covid-19, and can grant relief that is"just and equitable" in the circumstances. Most contracting parties should not need to come to the assessors, unless there is a dispute, he said. A tenant should be able to go to his landlord, explain that he cannot pay rent due to Covid-19, and come to an agreement. A detailed explanation, with examples, will be put online.
In response to media queries, the Monetary Authority of Singapore said the Bill is"carefully scoped to avoid impairing the interests of banks and Singapore's role in international financial transactions".
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