JTC Corporation - Glossary

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Administrative Fee
Refers to the administrative fee for transactions carried out, as stipulated in your existing contract with JTC..

Air-Conditioning Charge - Flatted Factory
Refers to the charge for air-conditioning use in JTC's flatted factory based on the number of usage hours.

Ancillary Rent
Refers to the rent for areas outside the main unit (eg. store-rooms, cooling towers or switch rooms), as stipulated in your existing contract with JTC.

Assignment of Lease
Assignment or transfer of lease refers to the transfer of estates, rights, title and interests in the property from JTC's existing lessee ("Seller") to another party ("Buyer").

Building Price
Refers to the premium paid upfront for the building, as stipulated in your existing contract with JTC.

Building Rent
Refers to the rent for the building, as stipulated in your existing contract with JTC. It is inclusive of property tax.

Bulk Discount
A discount given to JTC's flatted factory customers for taking up space in bulk.

Change of Company Name
This refers to the change of company name as per the Accounting and Corporate Regulatory Authority's (ACRA) records.

Change of Use
Refers to the change or extension of use from the approved usage of your premises. The proposed usage has to be compatible with the surrounding industries.

Conversion Fee (upfront) with GST
Refers to the fee charged for conversion of rental scheme from annual 4% fixed to 5.5% capped, as stipulated in JTC's letter which offers the conversion.

Conversion of Lease to Tenancy
Company applies for a short tenancy term when their long term lease is not renewed upon expiry.

Conversion of Tenancy to Lease
Company applies to convert their 3 year tenancy to a long term lease of 30 years or 30+30 years.

There are currently no terms under this section.

Electricity Charges
Refers to charges for the use of electricity in JTC's premises.

Environmental Baseline Study
An Environmental Baseline Study (EBS) is a soil and groundwater investigation that is carried out for the following purposes:
(a) to establish the baseline level of potential contaminants in soil and groundwater beneath the site; and
(b) to assess the extent of contamination of the site.

There are currently no terms under this section.

Health and Safety Buffer
Buffer requirements imposed by National Environment Agency (NEA) due to the installation of chemical or hazardous gases by industries or major utility plants.

There are currently no terms under this section.

Land and Building Rent
Refers to rent for the land and building, as stipulated in your existing contract with JTC. It is inclusive of property tax.

Land Price
Refers to the premium paid upfront for the land, as stipulated in your existing contract with JTC.

Land Rent
Refers to the annual rent (excludes waterfront fees or rent relating to the Allocated Waterfront Boundary Line, if any) as stipulated in your existing contract with JTC. Where applicable, for lease cases which are still within the licence period in the Building Agreement, "Land Rent" would refer to "Licence Fee".

Late Payment Interest
An interest penalty imposed on late payments.

Lease
A contract for which JTC land or property is rented for a stated time (usually 30 years) to a lessee.

Lease Commencement Date
The date stated in the Letter of Offer for the commencement of the lease.

Licence Fee
Refers to the annual Licence Fee (excludes waterfront fees or Licence Fee relating to the Allocated Waterfront Boundary Line, if any) as stipulated in your existing contract with JTC for lease cases, which are still within the licence period in the Building Agreement. The amount payable is the same as the Land Rent (excludes waterfront fees or rent relating to the Allocated Waterfront Boundary Line, if any) stipulated in the Lease. When the licence period is over and you become entitled to the lease term in accordance with the Building Agreement conditions, the Licence Fee is usually set off against the rent retrospectively from the beginning of the lease term.

Liquidated Damages
Liquidated damages payable by you when you prematurely terminate your licence with us under the Building Agreement, or in any other instances where it is mentioned in your contract with us or if it is payable by you under the law.

There are currently no terms under this section.

Nominal Rent
Refers to the "Rent" of $12 per annum as stipulated in your existing contract with JTC where you have paid the "Land Price". This Nominal Rent is thus symbolic of the Landlord-Tenant relationship between JTC and yourself. Currently, payment of the $12 nominal rent is waived until further notice from JTC.

Occupancy Rate (Of Space)
Total space occupied as a proportion of total stock of space as at end of a reference period.

Outdoor Refreshment Area Rent
Refers to the charge for additional areas used for shelter or putting tables and chairs (e.g. awnings or canvas shelters).

Plot Ratio
The ratio of the floor area of a building to its site area.

Pro-rating of Lease
Reduction in the length of the lease due to shortfall in lessee's declared investments or plot ratio as stipulated in the Agreement with JTC.

There are currently no terms under this section.

Refurbishment Charges
Refers to charges for renovation works to spruce up the premises, usually upon a new lease offer or renewal of lease, or during the Refurbishment Works as stipulated in your Tenancy Agreement with JTC.

Reinstatement Charges
Refers to costs recoverable by JTC when your existing contract with JTC has been terminated by expiry or otherwise, and you have failed to reinstate the premises in accordance with your contract with JTC. This includes decontamination charges where applicable.

Renewal of Lease
Renewal of lease refers to the granting of a new term to JTC's lessees, which commences after the expiry of the current lease term.

Renewal of Tenancy
Renewal of tenancy is the granting of a further term by JTC for JTC's tenants to continue operating at his premises when the current term expires.

Security Deposit
Security deposit for the tenancy term is required to be placed for all tenancies with JTC. This deposit is equivalent to THREE months' rent and service charge. The deposit may be paid in the form of a Banker's Guarantee, Insurance Guarantee or Cash. However, if payment on rent and service charge is made by GIRO, the security deposit required will be reduced from THREE months to ONE month. This is part of the off-budget measures introduced since 1 April 2003 for tenancies and temporary occupation licences.

Service Charge
Refers to a charge for services provided in JTC-managed facilities as stipulated in your existing contract with JTC.

Stamp Fee
A tax on commercial and legal contracts, which record and give effect to certain transactions, in accordance to the Stamp Duties Act.

Subletting
Subletting takes place when JTC's lessee or tenant rents a portion of his building space to another party - including one that he wholly owns or is related to.

Subletting Fee
Refers to the fee payable by a lessee for subletting his premises in accordance with JTC's consent to subletting.

Technopreneur Discount
Refers to rent discounts given to technopreneurs.

Tenancy
A short term tenure of usually 3 years with an option to renew for another 3 years.

Termination of Tenancy
Termination of tenancy refers to the discontinuation of tenancy either prematurely, upon expiry or due to abandonment of premises.

TOL Deposit
Refers to a deposit for licence fees as stipulated in your existing contract with JTC or the State (as represented by the Collector of Land Revenue).

TOL Fee
Refers to the licence fee for temporary occupation as stipulated in your existing contract with:
(a) JTC under the Licence Agreement with JTC; or
(b) the State (as represented by the Collector of Land Revenue). Certain JTC officers have been appointed as Deputy Collectors of Land Revenue to issue Temporary Occupation Licences on behalf of the State.

Transfer of Tenancy
Transfer of tenancy refers to the handing over of the remaining tenancy period, together with the possession, rights and liabilities arising from the tenancy, from JTC's existing tenant ("Transferor") to another party ("Transferee").

URA Processing Fee
Processing fee payable to the Urban Redevelopment Authority (URA) for services such as change in Master Plan zoning and change of use.

Use of Premises as Registered Address
The registered office or address of a company is the address that the company had registered at the Accounting and Corporate Regulatory Authority (ACRA). JTC's lessees and tenants may use JTC's premises as a registered office or address for an affiliated business by seeking prior approval from JTC.

There are currently no terms under this section.

Water Frontage Fee
Refers to the charges on a per metre run of Allocated Waterfront Boundary Line (if any). Charges depend on area and grade. It is part of Land Rent where applicable.

Wayleave
A private right of way, permission or licence over or through land for a specific purpose.

Wayleave Fee
Refers to the fee for the Wayleave as stipulated in your Wayleave Deed with JTC.

There are currently no terms under this section.