STA Standard Trading Conditions
Within the transportation industry, small companies or small and medium-sized enterprises are often subjected to unreasonable compensation terms from clients, which might lead to shortage of funds. This problem is especially acute for smaller companies with little capital, which might cause them to face bankruptcy.
In lieu of this problem, STA has specially formed a sub-committee (Sub-committee Chairman Mr. Tony Png Teck Seng, Committee member as Mr. Ng Boon Hong, Mr. Tay Siew Ngee, Mr. Lau Swee Khim and Mr. Peter Teo) to consult legal advisors (Mr. Seah Chwee Lim) to draft up standardized trading conditions, and also seek advice from insurance companies (Sin Seet Insurance Agency Pte Ltd) for their feedback. For a period of six months, there were weekly meetings and discussions, and finally the completed set of documents was brought up during the Annual General Meeting (AGM) and was approved and recognized as the “STA STANDARD TRADING CONDITIONS”.
Launch of STA Standard Trading Conditions (STC) on 20 July 2006
The STA STANDARD TRADING CONDITIONS was revealed to members at the SAFRA Bukit Merah Auditorium. From this launch, members are now able to consult and comply to the guidelines stated within the STA STANDARD TRADING CONDITIONS during the drafting of contracts with their clients, to better safeguard their interests.
The STA STANDARD TRADING CONDITIONS is published in the Straits Times and Lian He Zhao Bao (联合早报) on 13 Jun 2007.