—(1) This Act shall apply to contracts whether made before or after the commencement of this Act, as respects which the time of discharge is on or after 1st January 1959, but not to contracts as respects which the time of discharge is before that date.
(2) This Act shall apply to contracts to which the Government is a party in like manner as to contracts between private persons.
(3) Where any contract to which this Act applies contains any provision which, upon the true construction of the contract, is intended to have effect in the event of circumstances arising which operate, or would but for that provision operate, to frustrate the contract, or is intended to have effect whether such circumstances arise or not, the court shall give effect to that provision and shall only give effect to section 2 to such extent, if any, as appears to the court to be consistent with that provision.
(4) Where it appears to the court that a part of any contract to which this Act applies can properly be severed from the remainder of the contract, being a part wholly performed before the time of discharge, or so performed except for the payment in respect of that part of the contract of sums which are or can be ascertained under the contract, the court shall treat that part of the contract as if it were a separate contract and had not been frustrated and shall treat section 2 as only applicable to the remainder of that contract.
(5) This Act shall not apply —
to any charterparty, except a time charterparty or a charterparty by way of demise, or to any contract (other than a charterparty) for the carriage of goods by sea;
to any contract of insurance, except as is provided by section 2(5); or
to any contract to which section 7 of the Sale of Goods Act (Cap. 393) (which avoids contracts for the sale of specific goods which perish before the risk has passed to the buyer) applies, or to any other contract for the sale, or for the sale and delivery, of specific goods, where the contract is frustrated by reason of the fact that the goods have perished.
[7/97 wef 01/10/1997]