Two member firms of Rajah & Tann Asia, Rajah & Tann Singapore and R&T Asia (Thailand), have contributed the Singapore and Thailand Chapters, respectively, of the “Contract Laws of Asia – Liquidated Damages and Penalty Clauses” guide jointly published by the Asian Business Law Institute (“ABLI“) and the Singapore Academy of Law. This is the second full-fledged publication under ABLI’s Contracts Project which aims to produce a set of standard-form contract terms where risks are relatively evenly allocated and which can be valid in a majority of Asian jurisdictions.
This publication focuses on:
- Practical operation of liquidated damages clauses in contracts in select common law jurisdictions, including restrictions placed on such clauses, defences to claims under such clauses, treatment of claims under such clauses in the event of insolvency of the obligor, etc.
- Whether the common law concept of liquidated damages exists in select civil law and hybrid jurisdictions, and if this concept does not exist, where are the analogous remedies available in those jurisdictions, and how those remedies differ from liquidated damages in the common law context.
The guide covers the following jurisdictions and governing laws:
- Civil law and hybrid jurisdictions: China, Indonesia, Japan, the Philippines, Thailand and Vietnam
- Common law: Australia, England and Wales, India, Malaysia, New York, Singapore
Sim Chee Siong, Soh Lip San and Matthew Koh from Rajah & Tann Singapore authored the Singapore chapter, while Ittichai Prasongprasit and Thamolwan Cheewakriengkrai from R&T Asia (Thailand) penned the Thailand chapter.
Rajah & Tann Asia is one of the Founding Partners of ABLI, a non-profit permanent think tank dedicated to providing practical guidance in the field of Asian legal development and promoting the convergence of Asian business laws.
To read the full guide, please click here.
