I am going to enter into a contract with a company which is planning to expand it's operation in Singapore. So, they are insisting to set the governing law of contract to be Singapore law. Is it valid?
No, such agreement is considered to be void as per Section 28 of Indian Contract Act. When both the parties are Indian, the substantive law governing the dispute must necessarily be Indian irrespective of the seats of the arbitration and irrespective of any provision in the contract between the parties to the contrary.