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A business contract sets out the nature of the business relationship between parties and the rights or obligations of the parties. A properly negotiated and well-drafted contract can ensure that disagreements in the business relationship are kept to a minimum and the business relationship can be a long and fruitful one; while a hastily negotiated and poorly drafted contract could give rise to disputes over ambiguous clauses and a breakdown of the business relationship before it has a chance to flourish. Thus, it is imperative for any business owner to ensure that the core contracts with key business associates; like shareholder or partnerhsip agreements, loan agreements, sale & purchase of shares and assets; are carefully negotiated and drafted with the help of experienced legal professionals.
We are aware that there are now sample contracts readily available on the internet; but one size does not fit all, and those sample contracts are not tailored to your particular business needs. Indeed, the laws of every country differ and contract templates originating from other countries may contain clauses that are unenforceable in Singapore. For example, certain disclaimer or exclusion clauses may fall foul of the Unfair Contract Terms Act (Cap. 396). There are also regulatory laws that may apply to specific contracts in Singapore. At Beacon, we believe every client should have tailor-made business contracts drafted only after we fully understand your particular business needs.