SINGAPORE Law and Practice Contributed by: Foo Yuet Min, Kong Man Er, Shumin Lin and See Chern Yang, Drew & Napier LLC
9.2 Rules Regarding Damages Contractual damages aim to place the claimant in the same position as if the contract had been performed. While the courts have not foreclosed the possibility of awarding punitive damages for breaches of contract, such a remedy is rarely granted. Tortious damages seek to restore the claimant to the position that it would have been in had the tort not been committed. Aggravated damages may be warranted where a claimant had suffered enhanced hurt due to the manner in which the defendant had committed the tort or the defend- ant’s motive in doing so. Furthermore, punitive damages may be awarded if the defendant dis- plays outrageous conduct. Subject to the Unfair Contract Terms Act 1977, an aggrieved party’s right to contractual or tor- tious damages may be excluded or limited by contract. 9.3 Pre-judgment and Post-judgment Interest The courts may award pre-judgment interest for the period between the date when the cause of action arose and the date of the judgment. While the courts may award interest at a different rate, the current default pre-judgment interest rate is 5.33% per annum. Post-judgment interest is generally payable and is calculated from the date of judgment to the date that the judgment is satisfied. The interest payable is based on the parties’ agreement or, if there is no agreement on interest, simple interest is charged at 5.33% per year.
tion, including the agreement to mediate and the mediated settlement agreement. 8.3 Enforcement of Settlement Agreements General contractual principles apply to the enforcement and setting aside of settlement agreements. Settlement agreements that are recorded as consent orders are also enforceable as court judgments or orders. Mediated settlement agreements of a dispute for which no proceedings have been com- menced in a court may be recorded as an order of court if the requirements under the Media- tion Act are met. Singapore is a signatory to the United Nations Convention on International Settlement Agreements Resulting from Media- tion and, where applicable, international settle- ment agreements may be recorded as an order of court pursuant to the Singapore Convention on Mediation Act 2020. 8.4 Setting Aside Settlement Agreements General contractual principles apply to the set- ting aside of settlement agreements. Depend- ing on the grounds for challenging a settlement agreement, “without prejudice” communications (see 5.6 Rules Disallowing Disclosure of a Doc- ument ) may be disclosed. 9. Damages and Judgment 9.1 Awards Available to the Successful Litigant Other than damages, the courts may grant other forms of relief, such as injunctions and specific performance. The courts also have the discre- tion to grant orders for costs, which are usually awarded to the successful litigant.
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