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...
by Willie Tan | Apr 17, 2024 | Glossary
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...
by Willie Tan | Apr 16, 2024 | Glossary
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...
by Willie Tan | Apr 16, 2024 | Glossary
PMETs stands for “Professionals, Managers, Executives, and Technicians.” It’s a term commonly used in various countries, including Singapore, to refer to a specific segment of the workforce. PMETs typically include individuals who hold professional,...
by Willie Tan | Apr 16, 2024 | Glossary
Royalties are payments made to the owner of intellectual property (IP) for the use or exploitation of that property. This compensation is typically a percentage of revenue generated from the use of the IP. Intellectual property can include things like patents,...
by Willie Tan | Apr 14, 2024 | Glossary
Human resources (HR) refers to the management of an organisation’s workforce or human capital. It encompasses the policies, practices, and processes involved in recruiting, hiring, training, managing, and retaining employees to achieve the organisation’s...
by Willie Tan | Apr 14, 2024 | Glossary
A joint venture (JV) is a business arrangement in which two or more parties collaborate to pool their resources, expertise, and capital to undertake a specific project or venture. Joint ventures are commonly formed to pursue opportunities that require specialised...
