(a) Is it usual in this economy for suppliers of goods or services to supply those goods or services to corporations on credit?

 

It is usual for goods and supplies to be supplied to corporations on credit.

 

(b) If so, what would be the average credit period of time?

 

The period of credit varies from case to case. A normal period of credit would be 30 days.

 

(c) Is it possible and/or usual in this economy for a supplier to require security over property of the corporation for the supply of goods or services?

 

It is not usual for a supplier to require security over property of a corporation for the supply of goods and services. However, in cases where the supplier is in a monopolistic position and is able to exert superior bargaining power, such security may be extracted from the corporation.

 

(d) If so, is the form of supply known as 'retention of title' practised and recognised in this economy and is it enforced?

 

Yes. The English Sale of Goods Act 1979 applies in Singapore and what are commonly known as Romalpa clauses are recognised by Singapore law. Clauses which go further than simple retention of title and purport to entitle the creditor to trace into the proceeds of sale or substitute products face the same difficulties as they do under English law ie being struck down as registrable but unregistered charges.