Everyone loves receiving dividends. Many companies, such as Haw Par Corporation Ltd (SGX: H02) and Singapore Technologies Engineering Ltd (SGX: S63), have been paying out a regular, steady dividend for many years. Others, such as retail and industrial REITs, have even increased their dividends over time. However, investors need to be aware that the level of dividend paid out is a product of how well the business is performing. Simply put, if the business does well, the dividends it pays out can be expected to either increase or stay the same. When the business falters, management may also decide to cut or eliminate the dividend to conserve cash. Unlike coupon payments for bonds, dividends are not a contractual obligation for the company. Therefore, investors should expect that dividends may fluctuate from time to time, depending on the economic situation as well as business performance and prospects. With that in mind, here are three warning signs...