Comprehensive contracts play a crucial role in safeguarding the best interests of any organization. They are essential in preventing or mitigating disputes between parties. Almost every business carries out formalized transactions via contracts, from hiring employees and scheduling contractors to forming partnerships or seeking financial loans.
Singapore's contract law follows the common law principles of England and the United States. To create a contract, competent parties must make an offer, acceptance, and consideration. Contractual agreements are the backbone of commercial transactions and are vital to the country's economy. They allow parties to define their respective rights and responsibilities and establish a framework for resolving disputes that may arise between them.
While it may seem challenging for Non-Legal professionals to delve into this area, it is in the organization's best interest for executives, managers, and company directors to grasp contract law thoroughly. They should strive to understand how to interpret contractual clauses and discern the significance of terms and conditions.
