Force Majeure

Force majeure is a legal term that refers to unforeseeable circumstances or events beyond the control of the parties involved in a contract, and which make it impossible or extremely difficult for one or both parties to fulfil their obligations under the contract....

Consortium

A consortium is a group or association of individuals, companies, organisations, or governments that come together to achieve a common goal or objective. Typically, members of a consortium pool their resources, expertise, and capabilities to pursue projects or...

Deed of Guarantee

A deed of guarantee is a legal document in which one party, known as the guarantor, agrees to take on the responsibility of fulfilling the obligations of another party, known as the principal debtor if the principal debtor fails to do so. The deed of guarantee...

Banker’s Guarantee

A banker’s guarantee, also known as a bank guarantee or a standby letter of credit, is a type of financial instrument issued by a bank on behalf of a customer. It serves as a promise by the bank to pay a specified amount of money to a beneficiary if the customer...

Building and Construction Authority (BCA)

The Building and Construction Authority (BCA) of Singapore is a statutory board under the Ministry of National Development. It plays a key role in regulating and promoting the building and construction industry in Singapore. The BCA is responsible for several aspects...

Goodwill

In the context of business and accounting, “Goodwill” in Singapore refers to the intangible asset that represents the excess of the purchase price of a company over the fair value of its identifiable tangible and intangible assets acquired in a business...