by Daryl Lum | May 13, 2024 | Glossary
Assessable income in Singapore refers to the total income earned by an individual or a company that is subject to taxation by the Inland Revenue Authority of Singapore (IRAS). It includes income from employment, business, trade, profession, property, and any other...
by Daryl Lum | May 9, 2024 | Glossary
PayNow is an advanced real-time payment platform engineered by the Association of Banks in Singapore. This system enables immediate inter-bank transactions between individuals and merchants. Supported by all major banks in Singapore, PayNow operates under the...
by Willie Tan | Apr 17, 2024 | Glossary
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....
by Willie Tan | Apr 17, 2024 | Glossary
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...
by Willie Tan | Apr 17, 2024 | Glossary
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...
by Willie Tan | Apr 17, 2024 | Glossary
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...
