Each Athena Executive Club meeting includes Business Development Training. These short sessions are designed to share useful tips, facts and ideas covering a wide range of issues relevant to executives and entrepreneurs. Athena Executive Members come from a diverse range of backgrounds with an immense wealth of knowledge and experience which we all benefit from during these member-led training sessions.
At November’s Athena Executive Club, business owner and former lawyer, Eu-Yen Tay, gave us 8 useful tips for entrepreneurs to follow when dealing with contracts:
1) If either party is prevented from performing its duties under the contract, by reason of an event of force majeure – controls the risk outside the power of each party when the normal obligations are unable to be fulfilled.
2) This contract shall be governed by the laws of Singapore and any dispute arising shall be subject to the jurisdiction of the courts of Singapore – establish which country the contract applies in. This is particularly important when dealing with import/export.
3) A third party to this contract has no rights under the contracts (Right of Third Parties) act. This is standard and should be included in most contracts.
4) In the event that any term of the contract is held to be unenforceable, such unenforceability shall in no way affect the other terms of the contact which are severable. This means that if one term within the contract is void, the rest of the contract still applies. Standard in most contracts.
5) Any failure by the parties to enforce any term shall not constitute a waiver of the right to enforce that term. Failure to enforce a term does not mean it is waived.
6) This contract shall contain the entire agreement between the parties. Ensures that only what is included in the contract can be enforced (so make sure everything you want is there).
7) All notices shall be sent to. The address to which all correspondence should be sent to (physical and/or electronic). Can cause delays if not correct or up to date.
8) All amendments to this contract shall be legally binding only if executed in writing and signed by the parties. Legally binding only if the contract is in writing and signed by all parties. Always ensure you have this done after any changes, otherwise it is hard to work with if anything goes wrong.
Yen has written a book ‘Business Law For The Night Entertainment Entrepreneur’ which covers in-depth guidance on the law for local business owners and advises everyone in business to ensure they get the proper legal advice and support they need when entering into a new contract.
Yen is the co-founder and Executive Chairman of The Butter Factory, Sauce Bar and Agenda Events company.
A former litigation lawyer, Yen is passionate about entrepreneurs having the required guidance and support when taking the step into entrepreneurship. Yen recently wrote a book ‘Business Law For The Night Entertainment Entrepreneur’.
Connect with Yen on LinkedIn.