by Willie Tan | Apr 12, 2024 | Glossary
GIRO stands for “General Interbank Recurring Order.” It is a payment service commonly used in Singapore and some other countries. It allows individuals and businesses to make regular, automated payments to various service providers or organisations...
by Daryl Lum | Apr 12, 2024 | Glossary
The principle of consideration is a fundamental concept in contract law that requires each party to an agreement to offer something of value in exchange for receiving a benefit. This principle supports the idea that a contract must involve an exchange that is both...
by Daryl Lum | Apr 12, 2024 | Glossary
In Singapore, a holding company is a type of business entity whose primary purpose is to own shares in other companies, which are referred to as its subsidiaries. The holding company itself typically does not engage directly in commercial or operational activities...
by Daryl Lum | Apr 12, 2024 | Glossary
In company law, a “charge” refers to a form of security interest granted over an asset or set of assets by a company (the chargor) to a lender or creditor (the chargee) to secure repayment of a debt or performance of some other obligation. Charges are...
by Daryl Lum | Apr 12, 2024 | Glossary
A charitable trust is a legal entity created to advance charitable causes or benefit the public. It is formed when a settlor (the person establishing the trust) transfers assets, such as money, property, or investments, to trustees, who then manage and administer the...
by Daryl Lum | Apr 12, 2024 | Glossary
Indemnity is a legal concept that involves one party agreeing to compensate another for the harm or loss that they have suffered or might suffer in the future, which is related to a specified event or transaction. This compensation can cover any losses, damages, or...
by Daryl Lum | Apr 12, 2024 | Glossary
Fiduciary duties refer to the highest standard of care imposed by law or equity on individuals who manage the assets or interests of others. These duties are entrusted to individuals or entities (fiduciaries) who have a relationship of trust and responsibility with...
by Willie Tan | Apr 12, 2024 | Glossary
A minority shareholder is an individual or entity that holds a minority stake in a company, meaning they own less than 50% of the total outstanding shares of the company’s stock. As a result, minority shareholders typically have limited influence and control...
by Willie Tan | Apr 12, 2024 | Glossary
A Memorandum of Understanding (MOU) is a document that outlines the terms and details of an agreement or understanding between two or more parties. It is a formal, non-binding agreement that is a precursor to a more detailed contract or formal agreement. MOUs are...
by Willie Tan | Apr 12, 2024 | Glossary
The Memorandum of Association (MOA) is a legal document that serves as one of the founding documents of a company. It outlines the fundamental principles and objectives upon which the company is established and operates. The MOA sets out the company’s...
