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This Agreement Shall Be Governed By The Laws Of Singapore

The Treaty and all subsequent amendments thereto shall be governed by, subject to and construed in accordance with the laws of Singapore for any purpose. Shanghai Turbo Enterprises v. Liu Ming [2018] SGHC 172 parties should not enter into “floating” applicability clause contracts, i.e. a clause providing for two or more laws in force and leaving the exercise of the election to a later date. English courts have traditionally found that such clauses are not applicable. In this recent decision, the High Court of Singapore accepted that Singaporean law should take a similar position to that of English law. After deleting the clause relating to the legislation in force, the General Court also decided that an inseparably interconnected “floating” forum clause was also not applicable. Parties to international treaties should, from the outset, carefully consider their choice and jurisdiction. The loss of an enforceable law and a jurisdiction clause may result in the loss of serious tactical advantages in a dispute. Any date, time or period referred to in any provision of this Agreement may be extended by mutual agreement between the Contracting Parties, but in respect of any time, date or period initially fixed and not renewed, or at any extended time, date or period as set out above, time is essential. Without prejudice to any other type of service permitted by any relevant law, the Borrower shall designate: (a) the Enterprise shall irrevocably be its representative for the service of the proceedings relating to the proceedings before the courts of Singapore in connection with this Agreement; and (b) agrees that the inability of a procedural officer to inform the company of the process does not invalidate the procedure in question.

Each Party shall take all necessary steps to ensure that a necessary third party executes the documents and debases the acts and things reasonably necessary to fulfill the purpose of this Agreement and to perform its provisions. In cases where neither the claim nor a counterclaim exceeds the amount of USD 75,000 (or such other amount as the parties may agree), arbitration before a single arbitrator shall be conducted in accordance with the SCMA small claims procedure in effect at the time of the commencement of the arbitration. The borrower waives any right of sovereign immunity that he or any of his real estate may enjoy in any jurisdiction and submits to civil and commercial law with respect to his obligations under this agreement. Notwithstanding any provision of this Agreement, the agreement of a third party is not necessary for any modification (including the release or compromise of liability under the Agreement) or the termination of that Agreement. . . .