SINGAPORE — Retail landlords and tenants who have faced issues with lease agreements may soon resolve their differences through mediation, according to a proposed law tabled in Parliament on Tuesday (July 4) that aims to make negotiating these contracts fairer for all parties.
If passed, the Lease Agreements for Retail Premises Bill will make it mandatory for all qualifying retail lease agreements to comply with an existing code of conduct on the leasing of retail spaces in Singapore, according to a press release by the Ministry of Trade and Industry.
Under the proposed law, should there be any disputes, parties could escalate the matter to mediation and must comply with any decision or resolutions made, which could include financial penalties. First, lease agreements must be carried out in good faith, including acting honestly and fairly, by considering the legitimate interests of all parties.
Landlords and tenants who agree to deviate from clauses that allows for deviation must submit a joint declaration of deviation, which must be filed with FTIC within 14 days of signing of lease agreement. If the parties disagree over the lease agreement, either party may escalate the matter to the Singapore Mediation Centre, where both parties must approach and comply with its resolutions.The Bill also proposes a dispute resolution process for landlords and tenants with qualifying retail leases.
This adjudicator’s decision may be enforced as an order of the court, and if the parties do not comply, they may be meted out with financial penalties, of which the amount is decided on a case-by-case basis.The custodian of the code is the FTIC, which comprises landlord and tenant representatives, as well as industry experts.
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