A contract is a legally binding agreement that establishes and controls the rights and obligations of the parties involved. When a contract fulfils the legal criteria, it is legally enforceable. A contract usually entails the exchange of products, services, money, or a commitment to trade any of these.
According to Singapore’s contract law, a contract is an agreement formed by a “offer” and a “acceptance” between two or more parties who have the legal ability to exchange “consideration” in order to create a legal obligation. A contract is only valid if both parties have the legal ability to contract. A contract entered into with a minor, an individual of unsound mind, or an inebriated person might not be enforceable in Singapore. If such persons did not comprehend what they were committing to, they are judged incapable of contracting. A contract with a possibly incompetent individual may, nonetheless, be binding under certain situations. Because corporations are legally defined as “persons” with the legal capacity to engage into contracts, a contract with a company is always enforceable.
Terms of the contract:
The contract’s terms should clearly state each party’s rights and duties in relation to their earlier agreement, in order for the contract to be considered legal. The amount paid for a commodity or service, the description of the good or service being sold or given, and the specifics of the parties in the contract are just a few of the key terms. When a contract is written down, Singapore follows the Parol evidence rule, which stipulates that only the written contract, not earlier negotiations or other oral or written evidence, may be utilised to determine the contents of the agreement.
The court will interpret the words using a “reasonable person” test once the terms have been certified by the court. This relates to how a reasonable person would interpret the phrase, not how the real parties do. Singapore courts place a strong emphasis on the factual context in which the contract was created when determining how a reasonable person would interpret it.
Our services includes:
- Royalty Compliance –Its goal is to recover payments, enhance licencing agreements, and find risk mitigation possibilities.
- End-user License Review –checks licence compliance for software suppliers, resulting in greater licencing and maintenance income in the present and future.
- Vendor Contracts –Provides advice on managing vendor relationships and vendor contracts.
- Contract Compliance for Advertising Agencies – It attempts to find major cost savings or other ways to improve.
- Reseller and Distributor Review – It helps in the enforcement of channel partner contracts.
- Digital Distribution – Assists digital content owners with determining the accuracy and completeness of self-reported content distribution.
- Software Asset Management (SAM) – It entails a comparison of people, processes, and technology to industry standards.
- Intellectual Property (IP) – Audit Provides help in analysing and optimising IP governance procedures at various phases of the IP lifecycle.
How Bluebox can help :
Bluebox’s specialists have extensive expertise advising customers in areas such as royalties, licencing, distribution agreements, advertising, digital content, and more across a wide range of sectors. We understand the complexity and subtleties of a wide range of business contracts, processes, and procedures and have assisted firms in recovering income that was misreported in self-reporting statements while maintaining and enhancing relationships with their business partners.