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Extension of Relief Periods under the COVID-19 (Temporary Measures) Act for Specified Categories of Contracts

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The Ministry of Law has recently announced changes to the relief periods under the COVID-19 (Temporary Measures) Act.
 
Please refer to the following details below:
 
Part 2 of the Act – Relief from certain legal and enforcement actions for inability to perform contractual obligations, for specified categories of contracts
 
1.     Extended from 19 October 2020 to 19 November 2020
·      Loans to SMEs secured by certain collateral in Singapore
·      Leases and licences of non-residential property
·      Hire-purchase and conditional sales agreements for commercial vehicles, or plant/machinery used for commercial purposes
·      Rental agreements for commercial equipment or commercial vehicles
 
2.     Extended from 19 October 2020 to 31 December 2020
·      Event and tourism-related contracts
·      Options to purchase with developers
·      Sale and purchase agreements with developers
 
3.     Extended from 19 October 2020 to 31 March 2021
·      Construction contracts or supply contracts, or any performance bond granted thereto
 
Rental relief framework – Repayment scheme for rental arrears
·      Eligible tenant-occupiers may now serve written notice on their landlord of their intent to take up the scheme before 19 November 2020 (instead of 19 October 2020)
·      First instalment payment to be made by 1 December 2020 (instead of 1 November 2020)
 
Part 3 of the Act – Measures relating to bankruptcy and insolvency
·      No change to relief period, which will end on 19 October 2020
 
Please click the link below for full details:
 
Extension of Relief Periods under the COVID-19 (Temporary Measures) Act for Specified Categories of Contracts
 
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Image adapted from Ministry of Law
 
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Email:  info@sra.org.sg

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