§ 43 — Reliefs under this Part

43.—(1) Where —(a)

a party to the specified contract (called in this Part A) satisfies the requirements in Part 3 of the Second Schedule; and

(b)

the specified contract is not a contract of national interest,

then —

(c)

A may seek, in accordance with Division 2, to negotiate with the other party or parties (as the case may be) (each called in this Part B) for an adjustment to the rights and obligations of the parties and their assignees under the specified contract; and

(d)

if A is unsuccessful in so negotiating an adjustment, the specified contract terminates in accordance with that Division.

(2) Where the specified contract terminates in accordance with Division 2, then, despite anything in the specified contract, the rights and obligations of the parties and their assignees under the specified contract are adjusted in accordance with Part 4 of the Second Schedule, subject to any adjustment on a just and fair basis by an adjustment relief assessor under section 66.

(3) Where —(a)

the specified contract is one that is described in Part 1 of the Third Schedule; and

(b)

A seeks a negotiation under subsection (1),

then, if B satisfies the requirements in Part 2 of the Third Schedule, B may require, in accordance with Division 3, compensation from A for any termination of the specified contract in accordance with Division 2.

(4) The compensation under subsection (3) —(a)

is determined in accordance with the prescribed factors; and

(b)

is in addition to, and does not affect, the rights and obligations of the parties and their assignees as adjusted under subsection (2).

(5) Where —(a)

the specified contract is one that is described in Part 1 of the Fourth Schedule; and

(b)

A satisfies the requirements in Part 2 of the Fourth Schedule,

then A, instead of seeking a negotiation under subsection (1), may seek, in accordance with Division 4, to revise the schedule of A’s repayments under the specified contract.

(6) Nothing in this section prevents any party from terminating or avoiding the specified contract on or after 2 November 2020 under any other written law or rule of law, if the specified contract is not yet terminated under section 49.

(7) Where the specified contract is terminated on or after 2 November 2020 under any other written law or rule of law but before the specified contract can be terminated in accordance with Division 2, then, despite anything in the specified contract —(a)

any party (called in this Part C) that satisfies the requirements of Part 3 of the Second Schedule may seek, in accordance with Division 5, for the rights and obligations of the parties and their assignees under the specified contract to be adjusted in accordance with Part 4 of the Second Schedule (subject to any adjustment on a just and fair basis by an adjustment relief assessor under section 66), as if the termination were a termination in accordance with Division 2; and

(b)

where the specified contract is one that is described in Part 1 of the Third Schedule, any other party who satisfies the requirements in Part 2 of the Third Schedule may require, in accordance with Division 3, compensation from C; and that Division applies with the necessary modifications for this purpose.

(8) To avoid doubt, a reference to a termination of the specified contract in subsection (6) includes the discharge of the specified contract for the repudiation of the specified contract by one of the parties, but does not include —(a)

where the specified contract is a term contract, a termination of the specified contract upon the expiry of the term without a renewal of the specified contract; or

(b)

an automatic termination of the specified contract upon the occurrence of an event and not by any act on the part of any party.[Act 37 of 2020 wef 14/01/2021]

—(1) Where —(a)

a party to the specified contract (called in this Part A) satisfies the requirements in Part 3 of the Second Schedule; and

(b)

the specified contract is not a contract of national interest,

then —

(c)

A may seek, in accordance with Division 2, to negotiate with the other party or parties (as the case may be) (each called in this Part B) for an adjustment to the rights and obligations of the parties and their assignees under the specified contract; and

(d)

if A is unsuccessful in so negotiating an adjustment, the specified contract terminates in accordance with that Division.

(2) Where the specified contract terminates in accordance with Division 2, then, despite anything in the specified contract, the rights and obligations of the parties and their assignees under the specified contract are adjusted in accordance with Part 4 of the Second Schedule, subject to any adjustment on a just and fair basis by an adjustment relief assessor under section 66.

(3) Where —(a)

the specified contract is one that is described in Part 1 of the Third Schedule; and

(b)

A seeks a negotiation under subsection (1),

then, if B satisfies the requirements in Part 2 of the Third Schedule, B may require, in accordance with Division 3, compensation from A for any termination of the specified contract in accordance with Division 2.

(4) The compensation under subsection (3) —(a)

is determined in accordance with the prescribed factors; and

(b)

is in addition to, and does not affect, the rights and obligations of the parties and their assignees as adjusted under subsection (2).

(5) Where —(a)

the specified contract is one that is described in Part 1 of the Fourth Schedule; and

(b)

A satisfies the requirements in Part 2 of the Fourth Schedule,

then A, instead of seeking a negotiation under subsection (1), may seek, in accordance with Division 4, to revise the schedule of A’s repayments under the specified contract.

(6) Nothing in this section prevents any party from terminating or avoiding the specified contract on or after 2 November 2020 under any other written law or rule of law, if the specified contract is not yet terminated under section 49.

(7) Where the specified contract is terminated on or after 2 November 2020 under any other written law or rule of law but before the specified contract can be terminated in accordance with Division 2, then, despite anything in the specified contract —(a)

any party (called in this Part C) that satisfies the requirements of Part 3 of the Second Schedule may seek, in accordance with Division 5, for the rights and obligations of the parties and their assignees under the specified contract to be adjusted in accordance with Part 4 of the Second Schedule (subject to any adjustment on a just and fair basis by an adjustment relief assessor under section 66), as if the termination were a termination in accordance with Division 2; and

(b)

where the specified contract is one that is described in Part 1 of the Third Schedule, any other party who satisfies the requirements in Part 2 of the Third Schedule may require, in accordance with Division 3, compensation from C; and that Division applies with the necessary modifications for this purpose.

(8) To avoid doubt, a reference to a termination of the specified contract in subsection (6) includes the discharge of the specified contract for the repudiation of the specified contract by one of the parties, but does not include —(a)

where the specified contract is a term contract, a termination of the specified contract upon the expiry of the term without a renewal of the specified contract; or

(b)

an automatic termination of the specified contract upon the occurrence of an event and not by any act on the part of any party.[Act 37 of 2020 wef 14/01/2021]