Asked by Anonymous
Hi Guru and property experts,
Would like to clarify term "rent in arrear" in commercial tenancy agreement. What is its market practice in Singapore?
Does the wording "...it shall be lawful for the landlord to claim interest at ten percents (10%) calculated on monthly basis on the amount unpaid calculated from after the date due to the date of actual payment." make any sense to you? it is standard wording in commercial tenancy agreement in the market now? if yes, how is it calculated? How should it be understood?
10% here should be understood as per annual or over the period of late payment or per month (i.e. 10%x12=120% per annual)?
Hope to hear piece of advice from any expert out there.
Thank you very much.
Would like to clarify term "rent in arrear" in commercial tenancy agreement. What is its market practice in Singapore?
Does the wording "...it shall be lawful for the landlord to claim interest at ten percents (10%) calculated on monthly basis on the amount unpaid calculated from after the date due to the date of actual payment." make any sense to you? it is standard wording in commercial tenancy agreement in the market now? if yes, how is it calculated? How should it be understood?
10% here should be understood as per annual or over the period of late payment or per month (i.e. 10%x12=120% per annual)?
Hope to hear piece of advice from any expert out there.
Thank you very much.
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